A few of serious suggestions regarding fraud handling.
Handling of Fraud. I have had a long argument with Barclays on this,
insisting that I have to wait for transaction to appear on statement not just
as authorised, and so on. What I would like to see is a simple way to report
fraud to Mondo (using the chat system is fine) but the result should be that
the transaction, from authorisation to submission, should be diverted away from
my card. Monzo should handle it all behind the scenes, only needing to contact
me if there is evidence that it was my transaction which I have to refute or
accept. A one-stop-shop where the fraudulant transaction “goes away” from my
point of view, regardless of what Monzo have to do to actually dispute with
merchant, etc. Obviously, depending on type of transaction, this could also
mean cancelling a card and issuing a new one as part of the process.
Confirmation via API. I appreciate that Monzo have a small time window in
which to accept or decline a card normally. I would really like to see that
exposed on the API - some way you can contact my system and ask it to
accept/decline, with some pre-set action (maybe accept below certain amount) if
I cannot reply in time.
On-line purchase confirmation. I know Visa have “verified by visa” and
Mastercard have something similar. I am really pleased that Monzo skip that
crap to be honest. However, it makes sense to expose that via the API. The good
news there is the time limits almost go away. You could ask the API to provide
a web interface and confirm/reject as a result.
Maybe the point above is too hard, or API users may find it too hard to code
and comply with card processing standards, but you could certainly make the
verified web interface pop up saying “confirm on your phone app” and wait for
me to confirm on the phone app with fingerprint, and then complete the online
transaction. That would work really well and make on-line transaction fraud
basically impossible. Needs to be an option, and maybe set for txns over a