Re:How we secure Monzo's banking platform
by Nextgrid on Monday April 04, 2022 @09:18AM
(#30906277)
I wonder if their system, by virtue of being modern, is too good and catches a lot of fraud that would otherwise remain undetected by legacy banks' systems? Not to mention, opening a Monzo account is much easier and can be done remotely, thus it could be attracting a lot of malicious activity that just wouldn't even reach the legacy banks because the laborious account opening process would filter those out?
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I work for a different fintech and both of your points are spot on. Much higher baseline fraud attempts due to online/remote accounts, but much more sophisticated real-time ML/detection systems.