Safety & Security
Great tips for saving money when you are new to the UK
Banking and debit card security – by the numbers
The Arro Personal Account is a flexible, fully featured digital current account complete with its own cash card plus MasterCard® debit card – so are all of those features secure?
In short, the answer is yes. Arro is regulated by the Financial Conduct Authority and our money management dashboard is thoroughly penetration tested, holding it to similar standards as any conventional online banking platform.
Although Arro is not technically a bank, we offer some of the same products, such as a full MasterCard® debit card, so you know that when you make a payment or purchase with this, it is as secure as using any MasterCard® debit card you might get from a conventional high street or digital bank.
Meanwhile where we differ from traditional banks, such as in offering guaranteed approval for applicants who pass our Fair Fit test, we use detailed identity verification down to street-level to ensure we only give accounts to applicants who are eligible.
CVV security number on debit cards
Let’s look in more detail at the physical MasterCard® debit card you receive. This comes embossed with your name and Arro Personal Account number, linking it directly with your online current account.
On the front there’s a sort code, full card number (the so-called ‘long number’ you need to enter when buying online) and ‘valid from’/’expires end’ dates.
Turn it over and crucially, there’s also a 3-digit Card Verification Value or CVV printed on the signature strip, and this is the extra security feature that allows you to verify that you are the cardholder, even when making a purchase remotely over the internet.
When you sign up for an Arro Personal Account, we are able to send you all of the relevant details from your physical card via SMS, allowing you to start shopping online as soon as your account is funded.
This ‘virtual MasterCard®’ is safe – the details are only sent to the mobile phone number you provide when you sign up – and once the matching physical debit card arrives, you can delete the message and any copies you may have made of the details, and just use the card.
Is the Arro dashboard a secure online banking platform?
Arro is not regulated as a bank, but as a provider of electronic money service activities; however, that does not mean that the Arro money management dashboard is any less secure than the online banking platforms used by the high street banks.
You’ll see the padlock icon or the word ‘Secure’ in your browser’s address bar throughout the Arro website, and you just have to click on this to check our security certificate at any time.
All online transactions are encrypted, so you can safely transfer money, set up Faster Payments and Direct Debits, or just take a look at recent activity on your account, with reliable security from any internet connection.
We built the Arro money management platform from scratch in-house, which means it is tailored specifically to the transactions our customers need to make.
It has been rigorously tested by independent analysts and we continue to subject it to regular penetration testing, so that if there are any weaknesses at any time, we can identify and patch them before they represent any kind of risk.
Is my money safe?
A particular question we get asked often is: “Is my money safe with Arro?” Again, the answer is yes, it is – in fact it is arguably safer with Arro than with many of the traditional high street and digital banks.
While a bank may invest accountholders’ money in an attempt to raise profits, Arro do not do this, ever. Anything you deposit with us is kept in a separate account so at all times, we have the capital to cover all of our customers’ deposits.
This means that even if everybody withdrew their entire account balance, we would always have the funds ringfenced to cover those withdrawals – we do not make our profits from putting customer funds at risk.
It also means that in the unlikely event that Arro cannot continue trading for any reason, your deposits are protected from claims by creditors too.
As such – and again, unlike some of the traditional banks – accountholders would be among the first to get paid what they are owed, and not left to make a claim in the same way as a business creditor might.
Together, all of these protections mean that holding an Arro Personal Account is safe and secure, while giving you plenty of ways to transfer money, make purchases online and in-store, and authorise payments.