So i have an idea and i want to share it and see what others think. First of, has anyone ever been mugged at an atm? Made to enter your pin and withdraw all the cash that you can?
Well, as i regular traveller (Currently on my 89th country) i hear about these type of muggings far too often and i have always thought there is a pretty simple way around this, maybe it already exists but i have never come across it!
The solution, a pin code that unlocks a 2nd account/ backup/ security account with limited funds in it to keep your main account safe.
You are being mugged and forced to enter your pin to withdraw money and instead of entering 1111 showing you have £10000 and can withdraw say £1000 you simply enter 2222 and it says you only have £100 and can only withdraw £100.
The thief thinks that is all you have and they are getting what they want and you get to walk away hopefully unharmed and having only lost £100.
It does not sound like it would be that hard to implement whatsoever, so maybe Monzo could get on board? Seeing as the FX fees are non existent i see this card getting a lot of attention from frequent travellers and to me at least it seems like a pretty good idea.
What do you think?