There have been occasions in the past where my card details had either been generated or had been stolen from a website storing card details in plaintext and using vulnerable software. In most cases, this was detected by my old bank and they’d block my card and call me and I’d have to identify transactions, etc. With Monzo, I’ve had nothing flag up as suspicious or unusual, etc. So I am wondering whether there’s any processes in place for this.
From what I can tell looking through the forums, the instant notifications move most of the fraud detection onto me and no transactions are blocked as standard.
I’ve turned on “Location-based security” (which hopefully won’t block transactions from Japan mis-identified as POS rather than on a website) so that’s another thing moved onto me to monitor.
One of the times my card details were stolen, my bank identified it as fraud because fraudsters buy mobile top up from O2 as they don’t lock you out after many attempts and didn’t use 3D Secure. Presumably, that wouldn’t get detected by Monzo, as it’d be up to me to tell chat that something isn’t right.
So rambly post over, the short version is: does Monzo proactively monitor for fraudulent transactions and block them before the app’s balance is reduced, or is it all up to users to report and act reactively to said reports?
EDIT: For example: If tomorrow my card was used at a jewlers for £1k+, which I’d probably never do, would it go through or would something go “hang on a minute…” and block the transaction until I press a button to authorise it (3D Secure for real life).