The part before what you quoted said
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Oh yes, I missed that 
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It would be helpful if you could set your own level, some people might want it much lower and others higher. Everyone could chose their own trade off between risk and convenience.
Obviously the default would be the level set by the regulator.
yeah that’s a good idea
its not your risk though is it ? its the banks risk
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well some people can’t afford to loose £225 and wait for the bank to send it back because that can take some time to investigate
For you to “loose” £225 someone gets your card and spends £45, £45, £45, £45, £45 (in the worst case) without you realising.
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That’s an argument against contactless, really. You could insert any amount of money into the sentence and it would still be true.
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If it’s fraud, your bank has to refund you by the end of the next business day. Unless they can clearly articulate why they believe you are acting fraudulently.
The Payment Service Regulations provide extremely strong customer protection if you’re a victim of fraud. If your bank messes you around then you should make a complaint and insist on compensation.
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To be fair, I’ve had this happen to me.
Dropped my card in a large supermarket. Within about 10 minutes of leaving, two £30 contactless transactions went through, and they attempted a third after I froze my card, and then went online to try and buy something for about £120. All within about 5 minutes of the first transaction.
I was lucky I had my phone in my hand when the first went through - stopped some of the transactions going through.
If I had lost my card on the tube, or generally had poor signal, or literally didn’t have my phone open, this is a possibility.
My SO once had her card stolen from her purse (not a Monzo card, but still) - and whoever stole it went to as many shops as they could and spent up to the contactless limit before it stopped working.
So it’s probable.
I always thought the contactless limit was more about time between uses rather than a final limit.
It being £225 and me hitting that in over a year when I spend less than £20 a month seems less worthwhile than it wanting a pin if I make 5 purchases within 20 minutes.
I think that’s the normal way of things, the thieves are wanting to maximise their haul before the card gets frozen or blocked.
well i’ve seen post on here about someone managing to spend hundreds with the card owner realising it or say they didn’t had their phone at the time
One would hope that Monzos fraud prevention procedures would have kicked in before then 
Multiple contactless purchases one after the other is not normal.
well in this time i don’t think they would flag it up as unusual
Are you sure? If I lose my card and somebody makes a contactless payment before I cancel it, does the bank refund me?
this monzo employee seems to suggest so 
unless they doubt you , the first contactless would be £45 (?) you would then receive a notification (? ) you would then freeze your card, if you didn’t, that would be suspicious (?) so they are on the hook for £45 potentially , to want to set your own limits as you suggest just opens them up to more potential fraud
i think the bank only covers from anything after you contact them
I don’t think they’d be as strict as being suspicious if more than one payment slipped through. You could be asleep, at work, the phone could be on charge, engrossed in a good movie, having a ‘no distractions’ meal with the wife, any number of things.
That’s why there’s a limit to contactless before having to authorise, to reduce the amount that can be stolen in that period where you’re not able to check things.
If you wait a week before reporting, that would look a little suss. If you’ve done a whole bunch of other spending in the meantime, again, that would look suss. That could cause a bank to look closer and possibly say “Sorry, but we believe this was you and not fraud because…”
And that above paragraph applies more to fintech banks, as you could have a legacy bank account you don’t have (or use) an app for, meaning it could be days or weeks before you noticed fraud. Before Monzo launched I had a Lloyds account, and there were only two ways that I could notice fraud on it - the balance being wrong when I withdrew money, and by checking my monthly statement. Meaning if the fraud was just after a statement was received, it could be a whole month before I actually noticed it.
No, they will refund from before that too, unless they believe that you have been negligent and failed to protect yourself, or are fraudlently claiming fraud. This is pretty much explicitly said in the quote in the reply directly above your reply.
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yes , a much better explanation than mine …ta
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