I don’t know about anyone else, but our company credit card has had money fraudulently taken off several times in the last few years.
We make sure we always enter are card online into secure websites with padlocks. However as we are an commerce business we have to buy a lot of plugins for websites all the time. With the amount of credit card hijacking scripts SQL injected into sites, there are a lot of site owners unknowingly having credit numbers and details hijacked by fraudsters.
This got me thinking if there was a service that could alert you as soon as your card is used that you can verify by hitting a No or Yes button on a app. A bit like how you currently use Monzo, but for all payments you are sent a message first to approve the payment. This would be an amazing feature and what better than Monzo to do this!
In addition to put restrictions on the card usage:
i.e. allowed countries, maximum spend on any purchase, allow online or offline payments.
In can’t believe this doesn’t exist on all card providers and banks. With the amount of fraud or their own blocking systems which you have no control over, where they still allow some fraudulent payments but yet seem to block legitimate ones at the most inconvenient times.
I think his feature would be a real game changer for consumers and banks.
Monzo what are your thoughts on this? Or does anyone else have any thoughts?
If you can tell me a system out there that currently does this, id love to hear what it is as it certainly isn’t well advertised.