Yes, Monzo is a regulated bank in the UK and any money in your account (up to £85,0000) is protected by the Financial Services Compensation Scheme (FSCS). So if Monzo were to go bust, you won’t be left out of pocket.
The app is also safe and secure. Monzo doesn’t use passwords to protect the app for a number of reasons. Instead, when you log into the Monzo app, a link will be sent to your email that lets you log in when you open it. This makes logging in quick and simple and you don’t have to remember a password. For added protection, Monzo asks for your PIN whenever you want to move money in your account. If you forget your PIN, Monzo asks you to record another selfie video to make sure it’s you that’s requesting the new PIN.
Monzo also uses 3D Secure to make it safer when you make purchases online. You’ve probably experienced 3D Secure when paying for things online with your traditional bank. It’s a pop-up in the browser that asks you to enter a passcode before you make the payment. However, as Monzo don’t use passwords, you can verify your purchase in-app or by text instead. This lets Monzo know that you have access to your phone, your app and your card details and confirms it’s really you making the purchase.