Fraud

UK Monzo Chat
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N26 is using money from the ProFIT program to keep their customers’ money safe by intelligently preventing card fraud before it happens.

Have Monzo obtained any EU funds for this purpose?

Project ProFIT is a platform promoting the financial awareness and improving the financial capability of citizens and other financial market participants.
• Raise Financial Awareness and Support Better Decision Making
• Create Financial Collective Intelligence
• Empower User Participation and Interaction
ProFIT has received funding from the EU’s Horizon 2020 Framework Programme for Research & Innovation.

http://projectprofit.eu/about/

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To simplify this, as a general rule:

  • For card present, the least secure party is liable, with it defaulting to the issuing bank if both are equal. There are some exceptions, lots of exceptions in the US market where the issuing bank is liable even for insecure merchants (petrol, Visa PIN [not Mastercard, Discover or Amex PIN tho], aeroplanes, etc).
  • For card not present, the merchant is liable unless the bank agrees to take liability through 3-D Secure.

For anyone really interested when I say Visa PIN what I mean is in the US market, Visa doesn’t require merchants to have PIN support for liability protection, and the issuing bank is liable for fraud that could have been prevented if the merchant had PIN support.

1 Like
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@anon10879341 this is my concern to read my post of the feature that I want and if accepted then I would gladly move over to monzo totally.

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