Anti fraud feature request

(SteveA) #1


One of the biggest bank frauds is criminals committing fraud by card not present transactions.

Therefor, can I request that Mondo bank look at implementing a setting within the app that allows the account holder to control a setting (yes/no) that means card not present transactions must be authorised within the app.

This feature can also have a timeout on it, say if the account holder doesn’t click yes to allow or no to decline within 1 minute the card not present transaction automatically fails. That way if the account holder is other wise engaged when the fraudulent transaction is made, it still fails to go through.

Would allow you to provide an extra level of protection the other banks can’t. Will save the account holder money, stress and provide piece of mind.

Will Monzo keep a pre-paid card facility?
(Joell K) #2

Great suggestion my friend, I also made post more or less similar to what you have described but yours is more into detail and hope Mondo could look into this further.
I agree that Fraud activities are on the rises and criminals are constantly having new ways to scam people and security is main issue also.
I really hope this suggestions goes forward and looked into. :clap:

(James Billingham) #3

Not really possible to actually hold off on approving the transaction - Mondo only has about 200ms to respond, and this includes network latency.

What would be possible is them instantly declining the transaction, then asking you if you want to allow it, then you make the transaction again, but this could be cumbersome.

It is also worth noting that once Mondo is a bank, they will be responsible for fraud which occurs on your account (under most circumstances) regardless as to any settings like this.

(Miguel Afonso) #4

Or maybe just before you are about to do a CNP transaction you could activate a clearance on the app that would allow a CNP transaction for lets say an hour. After that timeout or a CNP goes through no other will be accepted until you trigger it in the app. Its still transparent for the merchant and gives the user some control.
This should be an opt-in option as not every user want to be allowing every CNP.

(Josh Bray) #5

I’m sure that once they are a bank they will be part of the verified by visa scheme which helps to detect online fraud.


Perhaps when thinking about fraud control, you could have a setting within the app to turn fraud control on and off.

Maybe a toggle switch:

Off - Let Mondo handle fraud control using default security settings
On - (For more advanced users), reveals a sub-list of toggle switches where individual settings could be controlled. Such as, disallow Magstripe transactions, foreign transactions, ATM, CNP transactions etc…

Not sure how this would sit from a regulatory point of view, but something like this might cover everybody - you could have granular control if you choose, but if not just fall back to defaults


Unless it’s changed then verified by Visa is the worst security I’ve seen. All the info they ask for to change a password is the very info you’d have if you’d stolen someone’s wallet.

(Josh Bray) #8

It is a bit more than that. It can be used to detect an abnormal purchase. Say you’re in a different country or its a huge amount then it will ask for more information and may even need to ring you to confirm the transaction.

(Dan) #9

I like the idea of a toggle switch for CNP, mag stripe etc.


OK, that sounds better. I’ve only encountered the web version and it just frustrated me no end.

(Josh Bray) #11

There’s a lot of systems and processes that protect you from fraud. I can’t say much as it would be in breach of competition law.


Yes, revolut does this - caught me out when I tried a mag stripe transaction in the US, although the app did then notify me that mag stripe is disabled by default and that I can turn it on if I want.

(james_e_bell) #13

I’ve done some work in this area before (considering optional user fraud controls) - this is an area where user preferences vary widely - infact in one of the user research sessions, the user was so unconcerned with fraud they were completely perplexed as to why we would introduce optional fraud controls (“managing fraud is your job, why would i care what authentication levels are there, are you saying your product is insecure?”) - they were also of the opinion with cards/online fraud that it didnt really matter as they could always get the money back from the bank and a new card!

I guess the fundamental point that user had there was that as the consumer is protected from fraud losses by the bank/visa/mastercard rules, why would they want anything that would introduce potential friction to the payment journey

Will Monzo keep a pre-paid card facility?
(Richard Dingwall ) #14

Thanks for all the great feedback everyone!

This is our current approach. Our first goal is to make Mondo safe for everyone, all the time, regardless of any personal settings. :wrench:

Not to say we won’t add more fine-grain controls like this in future. We know that giving users more control of their cards is one of the best defences against fraud - for example, we’ve seen many customers responding immediately to protect themselves when their card has been lost or stolen - using real-time push notifications plus the card freeze feature.

So watch this space! :eyes:

(Jamie) #15

@rdingwall Have you heard of Final? That is a better idea, it means its 100% secure. The only flaw is in the software :slight_smile:

(Richard Dingwall ) #16

We are big fans of Final :slight_smile: :heart:

(Yossi) #17

revolut has a few very cool options that are ON/OFF options

  1. Magnetic stripe transactions
  2. Online transactions
  3. geo-location (uses the app´s GPS location to authorise or not transactions)

I think this is where Mondo should be heading…

(Jamie) #18

They use Currency cloud to do that

(Yossi) #19

as far as I understand Mondo uses Wirecard, is Currency Cloud just another provider like Wirecard or am I missing something?

I’m very ignorant with fintech so please bear with me…

(Jamie) #20

They are a cloud based tech company that buys currency at realtime stock market price.