@Knoted - Iām sorry if my comments made you upset in any way. Iām trying to educate the community regarding payments, which is my specialty from years of experience in the industry . I can be unclear sometimes
Yes, this topic is discussing the contactless magstripe
The blog you posted was about normal magstripe which can enable in app for 7 days
And chip and pin itās not that much of an improvement , over magstripe, there have been millions of pounds lost though chip and pin, some the these hacks even bypass the need for a pin , as the hack the terminal , the only reason monzo is better fraud protection is that it actually cares about the data and looks to automate this and capture , itās an outdated System build on insurance my visa Mastercard pay for itās a confidence scam ! , It how the banking industry works , insurance otherwise the public would trust banks and rightly so !!
With chip & pin, the criminal needs to know your 4 digit pin, unlike Magstripe, where they can swipe and walk away (plus shops rarely check signatures).
In addition, chip & pin transactions are a lot more modern and involve the exchange of one-time cryptograms and encryption which are harder to replicate.
Magstripe is mostly a plain exchange of card number, expiration and a few other fields.
I donāt think the lack of trust in the banking industry is due to the payments technology. The EMV and ISO8583 standards are very safe and robust
Then why does monzo have fscs then, it insurance , third party insurance , it what the banking industry was built on insurance, or bet lot of them managing risk , or any other word gambling !
And itās far from secure ! , If you think something is secure , then your only looking to make a fool of your self at best security is just an inconvenience! , Monzo take a risk with that my limiting log requirements , but by doing that you up the engagement with the bank and the way you spend money you can pick up on fraud much earlier !! It hard to slip something pass someone when the check the banking daily or hourly-ish compare to every months if than!
Chip and pin , it outdated and proped up my MasterCard and visa because they make a killing on it even with all the insurance payouts !
FSCS is more about protection if Monzo fails as a business and isnāt able to pay out everyoneās accounts.
That is different than fraud liability for individual transactions - which is dealt directly by Monzo with Mastercard and the acquirer/merchant. This is where card theft and hacks fall under.
To your point, you are right - no standard is perfect. But chip & pin is a global standard that had been working out quite well to keep transactions safe
Your talking about a backend , the public doesnāt need to know the many different ways or methods (if that better suits your ) that contactless is implemented on a technical level , monzo mission is to simplify the banking industry to the general public , contactless is contactless how itās works on technical level, shouldnāt be expressed in this forum , just think about you audience next time they arenāt all financial insider , we do know a thing or two though!?
The forum tends to be where things are gone into in greater depth for those of us who are interested in this stuff and want to learn. The blogs and in app help articles are written in a more simplistic/ non technical way
I donāt think our discussion is going anywhere - so I will stop here.
And to answer that, you would be surprised at how interested people here are about the technical details of payments. I like to think thatās my mission here.
Goodbye
I love when you guys go in depth on this stuff, so thank you
Itās insurance like at under some name name thereās no difference. Are you trying to say monzo does insure itself against fraud ! , Itās insured , you have it money and resources ringfenced for that matter , which your CEO isnt to happy about current regulations , regarding the big players ,
Education then Donāt throw around terms that are basically shorthand for more complex matter (it branded contactless for a reason) , which by the way without prompting you wouldnāt have thought about clarifying
This the problem though monzo has expanded too quickly and the staff donāt understand the mission statement as they should , thatās the problem with expanding so quickly ! , Just thinking about it ,
This is now well off topic and going nowhere helpful so letās rest it for a bit.