Fraud detection alert


(Daniel Rivers - Proud Current Account Holder) #1

I recently tried to make an online purchase on my current Santander account, I got an error about something to do with the merchant not recongised.

Few minutes later I got a call from the Santander Fraud department asking about that transaction. They informed me that the vender was fake and they blocked the transaction.

My question is, does Monzo have proactive fraud detection processes in place for when payments are made to suspected fake vendors?


(Daniel Rivers - Proud Current Account Holder) #2

Is there any information on this?


(Hugh) #3

I believe so.

This blog might be useful: https://monzo.com/blog/2017/02/03/fighting-fraud-with-machine-learning/


(Daniel Rivers - Proud Current Account Holder) #4

This is talking about top ups more than issues with fake merchants and flagging payments to them.

@daniel does this fall under your remit?


(Daniel Chatfield) #5

We have in the past put blocks on certain merchants. I wouldn’t say our database of fake merchants is very comprehensive but it’s definitely something we’d be looking to expand in the future.


(Danny) #6

What is Monzo’s definition of fake merchants?


(Hugh) #7

I think there is a central database for some of this stuff? Or maybe I’m wrong?


(Daniel Rivers - Proud Current Account Holder) #8

Would be good to know more about future plans here.


(system) #9

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