Fraud protection ML & AI



When thinking of moving to Monzo one thing to consider is the fraud Prosection algorithms Monzo has in place.

Other banks have been doing this for years and have years of data to feed into there machine leaning and artificial intelligence models.

What is Monzo doing to mke sure they are at least as good as other banks…

(Tony Hoyle) #2

I know they use geo checks, and they’ll have some smarts in there.

Biggest thing Monzo has is instant notification… If someone does somehow get hold of your details then you’ll know quickly and can block the card in the app and start the refund process. This is already better than other banks where you may not know for days by which time the fraudster has made dozens of transactions.

( related to Monzo CEO, Investor in Monzo ) #3

I think other banks are just counting it as a business expense , paid for by the customer - you might like to read a previous blog item -

(MikeF) #4

That’s all very well but with a Current Account the card isn’t the only way of accessing the money held in the account.

I wonder if freezing affects more than just the card?

(Tony Hoyle) #5

A fraudulent Direct Debit would be covered by the same rules every bank runs under - those would be rare anyway as companies don’t want to lose their right to use them, so they’re careful.

(system) closed #6

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