New Dutch bank bunq launches current account with Irish IBAN

[tomdublin]

Just opened a Bunq account but security is something to be aware of. The app isn't initially password protected (you need to add the password later and define the minimum transfer amount for which a password is needed - I specified 1 Euro but the default setting is 250), nor does it seem to use dual authentication when adding new payees. So basically if you haven't specified a password & transfer limit anyone who steals your phone will be able to add themselves as a payee and transfer money. Also, make sure the "I want to receive interest" switch is turned on, which is a bit bizarre.

 

[irbx]

Just opened a Bunq account but security is something to be aware of. The app isn't initially password protected (you need to add the password later and define the minimum transfer amount for which a password is needed - I specified 1 Euro but the default setting is 250), nor does it seem to use dual authentication when adding new payees. So basically if you haven't specified a password & transfer limit anyone who steals your phone will be able to add themselves as a payee and transfer money. Also, make sure the "I want to receive interest" switch is turned on, which is a bit bizarre.

I had the same concerns. It's seems to very passive on security front. Has anybody tried to put their SIM in another phone and install it to see if the security settings carry over or become reset to defaults?

Answering my own question
Okay the security settings seems follow if you put the SIM card into another phone and you have to activate as well.