Hi all, I was thinking on the way into work this morning around fraud (it would be good to hear some thoughts around what Mondo is doing around to prevent fraudulent activity for its users). Perhaps for consideration I was thinking no one is better informed than the owner of the card to know what they are spending, anyway I was thinking of a feature that allows the user to set a limit on the amount of any one transaction i.e. £100. If £100 is exceed that app would prompt the user to authorise / decline. Given the real-time capability of Mondo this is seems possible in my mind. Interested to hear others thoughts on this.
I believe the merchants terminal needs to receive a response within a seccond or 2 so I can’t see how.this would be possible - i could be wrong though.
What mondo can do is to locate where your phone is using GPS, it can then check where the the transaction you are making is and for example if it’s more than 50meters away from your current location it can decline the transaction - at the end of the day why would you and your phone and your mondo card not be in the same location? It’s more than likely fraud. I think this is a really powerful feature that goes along with the traditional fraud detection systems currently in place
Thanks Terry/Luke for the responses, I did not realise the 200 millisecond limit was in place, however is there any value in allowing user to set a maximum limit (appreciate given time constraints user will be unable to authorise/decline), Mondo could perhaps suggest a limit given analysis on spending habits and should limit be exceeded transaction would be declined? For example, it is unlikely I will ever spend £500 in any one transaction and if I want to I can toggle the limit feature on/off as required?
That sort of feature would require the app knowing your location at all times though surely? That would really make a significant battery impact compared to now. Personally, I try to restrict apps to only having GPS access when I’m using them.
@tom, @terryharman i had a ping kind of idea from apple. what if a fraudulent transaction happened online while you were shopping, what if we could pre authorize a online purchase via your iphone Touch or via android’s facial recognition, meaning i never have to get a phone call from a bank for a transfer or anything else. meaning its password-less meaning it could be less hackable. Now for when your shopping you can use the mondo app or the last known location from the phones GPS stored on android os or iOS to save battery and ping it back. It would only be triggered by the bank pinging the app when spending uptake happened and if you were in a different city. However in the app you can set it so that your away from home.
has around 200 ms (I believe) to respond to a transaction request. Having the user authenticate the transaction using Touch ID would result in it taking more than 200 ms and the transaction would be declined. Apple Pay on the web allows for this since it would only send your card token details to the merchant after you authenticate using Touch ID, and still the issuer bank only has 200 ms to respond to it.