How does N26 protect my money?
German deposit protection(new tab) insures all deposits up to €100.000 held in the member states of the European Union. As the holder of a banking license, N26 Bank must comply with the rules of the German financial regulatory authority.
How does N26 detect and monitor fraud?
N26 has a specialised team focused on monitoring and identifying suspicious transactions on our platform. With the help of advanced statistical models and algorithms, alongside human behavioural analysis, our team of experts help ensure that your money is always in safe hands.
What does N26 do when fraudulent behaviour is detected within its customer base?
When our team of experts detect irregular activity, we take all mitigation measures, as per regulatory law, to prevent further damage - this includes: closing and reporting offending accounts to the authorities. When suspicious transactions indicate the existence of money laundering, terrorist financing, or any other criminal offence, N26 immediately reports these activities to the German Financial Transaction Investigation Unit (FIU) or local supervisory entities.
What are some of the ways that N26 has invested in security?
In late 2019, we built our Trust and Safety team. They work within IT Security and their job is to safeguard users, their accounts and their data, against cybercriminals. Additionally, N26 doubled the size of its AML team and financial crime unit, and established new transaction monitoring processes and platforms. These enable us to detect and prevent malicious activity based on historical data, which ultimately allows us to remain several steps ahead of malicious actors. We invest heavily in technology and AI to run advanced statistical models and algorithms, alongside human behavior analysis.