Lock certain features

(Jon Augood) #1

One of :mondo: competitors (Revolut) has a really nifty feature where i am able to lock certain types of transactions so if a transaction tried to go through in a certain way it would be declined. Now the reason I love this is because I never use magstripe so to protect my account better I can turn that off, I might not want contactless on 24/7 in case I accidently dropped my card and haven’t realised. These are all great things that you can turn on or off so that I can please my self-conscious self and making myself less likely being a victim to fraud.

(Rika Raybould) #2

I can’t seem to find the existing comment about these kinds of security options. :anguished:

While I wouldn’t call Revolut a competitor (at least, long term), if your card has been stolen or cloned, you’re very likely going to need a replacement card anyway. How much extra protection do all of these different options really bring when you have instant notifications, card freeze functionality and great support? It feels to me like offloading the responsibility and a lot of complexity of security on to the user for potentially little benefit. Especially as this puts users in a position where if they have disabled a feature but then need it again, they would need a charged phone with a data connection to go back and enable it. My particular line of thought on this is disabling contactless (really, just declining anything that comes in with the contactless flag and lacking PIN auth) and then needing to use a TfL service after your phone dies at some early hour in the morning.

That’s just my opinion though, it can work for a secondary card like Revolut but I’m not convinced on having anything other than the location based security for the primary account that Mondo is aiming to be.

(Jon Augood) #3

I see where your coming from and agree with most of it but it really depends on what kind of spender you are and where you live. Im not a london person and i dont usually use contactless that much (Although i should) so these features for me is pointless and exposing fraud more. Instant notifications are nice and all but at the end of the day someone could still spend most of your money if you dont have an internet connection to get those notifications.

(https://youtu.be/5DmYLrxR0Y8) #4

I think there’s the seed of a good idea here. More for when Mondo is a full bank though, it’s like a granular freeze. If you only want your card for day to day spending then locking it down to contactless/PIN entry only would be useful.
With the API you could, potentially, schedule these features to really control your card.

(Tristan Thomas) #5

We’re having an internal debate about this at the moment :slight_smile: In an ideal world, you shouldn’t have to do any of this manual stuff and Mondo should handle it all for you. But we recognise we’re not there yet! We haven’t decided yet so all views welcome :smiley:

(Jon Augood) #6

Thanks for the reply Tristan, I agree in an ideal world this shouldn’t be a problem but unfortunately we dont live in that world and fraud is all around us. I understand contactless, magstripe, etf fraud is common but unfortunately it is a thing. These features would greatly improve security in my opinion, I dont need contactless for TfL etc, magstripe is dead as it is and online payments are a rare thing for me anyway. So to be able to toggle what i want when i want it would give me the peace of mind that i am going to be protected and so will my money.

I can officially say i wish i had the chance to turn off online payments for my normal bank ad i have actually be a victim of online fraud before and did loose alot of money which my bank recovered for me.

(James Billingham) #7

Actually, it’s not really a problem now either (for the user anyway). The card issuer is liable for all the types of fraud which would be affected by having those toggle switched.

It isn’t your responsibility to deal with the problems which could be caused by that fraud, so does it make sense for you to have control over it?

(Adam Hockley) #8

would love this idea

(Jon Augood) #9

Yes and no in my opinion. Yes it is the card issuers problem in a way however for myself who pays alot of bills etc from my main account (soon to be mondo hopefully) loosing that money in a bad time of the month could be very problematic.

I have around 9 - 10 bills come out of my account on the same day, if i was subject to fraud and all of them couldnt be processed I will meed to waste alot of my time phoning up these companies explaining what has happened. Which would be why marking a switch every now and the would be more beneficial because that only takes 5 seconds while a call center hold can be a 10 minute wait.