Bunq security concern

S

Stella66

Registered User
Messages
9
Good evening. I’ve just opened a ie iban savings account with bunq - did a small 4 figure transfer in & then a small transfer out to general irish current a/c to familiarise myself with process & timings etc.
All went fine.
However i’m v concerned that no 2 factor authentication of instructions to transfer out - i just put in the destination iban & that was it. No mobile phone check code to confirm or idenity check confirmation or similar PAN/Pin needed.

Also No private login code needed for opening app - just opens straight away & can see/transfer/move funds immediately.

I’m concerned if phone lost/hacked. Its old iphone 8 & unlocks with 6 digit code & thumbprint.
I intended to put substantial funds into bunq (house deposit) that need easy & prompt access but am now uncomfortable wiith what seems like super easy transfers out.

What am i missing in terms of integrated security features?
My ptsb and aib apps seem far more secure than bunq.
Your thoughts please?
 
I have to enter my security code to login to bunq. In the security settings , you can change the auto logout to 0 seconds or 5 minutes. This should insure that the security code is needed to access the all . Also turn off access from the website
 
Thank you but wasn’t prompted to set a security code at all. Will do the auto logout anyway & see if makes a difference. Thanks.
 
Ok. I found additional security options including setting a pin & disabling thumbprint etc in settings so i’ve activated those now.

I find it odd that i wasn’t prompted by the app to do these as a default standard.
 
Isn't the fingerprint requirement as strong as you need? Also it is probably using location data.

I had location data turned off on a new phone and suddenly some apps incl bunq and revolut wanted email 2-factor confirmations and codes.

Turned on location data and back to normal.

I think revolut also use something similar for card payments. If you are a certain distance away from your last known location, it will be refused or will require pin.

They are watching everything!!!
 
Stella66 said:
Ok. I found additional security options including setting a pin & disabling thumbprint etc in settings so i’ve activated those now.

I find it odd that i wasn’t prompted by the app to do these as a default standard.
Click to expand...
Why disable biometric ?
 
I disabled biometric access as its use also allows normal iphone passcode to be used to open bunq app. So if phone stolen/hacked or 3rd party has your passcode, bunq app could be opened.
 
Withdrawals are only allowed to the same account that lodged the funds as far as I recall.

EDIT - per post by coolaboola12, it does seem to offer an IBAN and name withdrawal option. I think the security feature is that you are only trusted on a device that you add.

I tried on my normal browser and was just asked for email and 6 digit PIN. Tried another browser and got a 2 step approach for logging in:

First message:
Let’s Keep You Safe
Click on ’Start’ to verify your identity in seconds. You’ll only have to do this the first time you log in to bunq on this device.

Second Message:

Record a video
You have 20 seconds to finish
Follow the instructions to move or speak


So, it seems to me, that if you are only using your trusted device and usual browser, it seems safe in that respect. What I can't speak for is what would happen if a monkey recorded the video i.e. how Bunq know that it is you recording and speaking on the video - I am HOPEFUL that it is compared to a photo and sound they have on file....

I'm repeating the above in a new post so that people can see it that wouldn't be looking back through the posts.
 
Last edited:
podgerodge said:
Withdrawals are only allowed to the same account that lodged the funds as far as I recall.
Click to expand...
Thats definetely not the case, i transferred money to multiple different accounts and none of them were the source of the funds

I closed my bunq account, im done with these neo banks , just dont trust them
 
Last edited:
Thanks for highlighting. I've updated settings on Bunq so I'm no longer logged in for a week!! It does raise more questions on phone security now that our lives revolve around it.
 
coolaboola12 said:
Thats definetely not the case, i transferred money to multiple different accounts and none of them were the source of the funds

I closed my bunq account, im done with these neo banks , just dont trust them
Click to expand...
I've been using them since 2016, and I trust them more than any Irish bank.
 
Stella66 said:
I disabled biometric access as its use also allows normal iphone passcode to be used to open bunq app. So if phone stolen/hacked or 3rd party has your passcode, bunq app could be opened.
Click to expand...
are you sure about that, from what i can see if FaceID fails then you need to enter your bunq pin (on iphone at least)
 
it does seem to offer an IBAN and name withdrawal option. I think the security feature is that you are only trusted on a device that you add.

I tried on my normal browser and was just asked for email and 6 digit PIN. Tried another browser and got a 2 step approach for logging in:

First message:
Let’s Keep You Safe
Click on ’Start’ to verify your identity in seconds. You’ll only have to do this the first time you log in to bunq on this device.

Second Message:

Record a video
You have 20 seconds to finish
Follow the instructions to move or speak


So, it seems to me, that if you are only using your trusted device and usual browser, it seems safe in that respect. What I can't speak for is what would happen if a monkey recorded the video i.e. how Bunq know that it is you recording and speaking on the video - I am HOPEFUL that it is compared to a photo and sound they have on file....
 
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