trending Market Intelligence /marketintelligence/en/news-insights/trending/_aMV-2DFXgZuuqGPcSyU-w2 content esgSubNav
In This List

Monzo corrects security flaw, requests customers change PINs

Blog

Commercial Banking: June 22nd Edition

Blog

Insight Weekly: Path to net-zero; US manufacturing momentum; China's lithium M&A frenzy

Blog

Commercial Banking Newsletter June Edition - 2022

Podcast

Street Talk | Episode 96: Considering recession risks, prospects that the Fed achieves a 'soft landing'


Monzo corrects security flaw, requests customers change PINs

U.K.-based Monzo Bank Ltd. said it corrected a security flaw which led to less than a fifth of its customers' personal identification numbers being incorrectly stored in its systems.

The digital lender discovered Aug. 2 that it had been recording some clients' PINs in encrypted log files, which were visible to the company's engineers. Monzo Bank said once the flaw was detected it made changes to the system early Aug. 3 and deleted the sensitive information by Aug. 5 to prevent it from being accessed.

The company, which is valued at just over £2 billion, noted it checked all the affected accounts and confirmed no fraud was committed.

Monzo Bank added it requested all of its customers to change their PINs to a new number and update their Monzo mobile application to the latest version.