🇻🇳 Monzo in Vietnam [Discussion]

[anon44204028]

For interest, here is previous feedback from @simonb of Monzo on this topic:

@simonb

We made the decision to keep the stripe disabled to prevent fraud, as @MIROW stated

I imagine that we’ll review the decision before the current accounts launch, but it seems that the majority of users are happy to keep it disabled and enable it when needed.

and a great explanation on the risks from magstrip has been given by @RichardR

@RichardR

Magstripe is FAR less secure than the EMV chip and is able to be cloned with very cheap and commonly available equipment. Most ATM fraud is done by reading the magnetic strip with a skimming device and getting the PIN using a PIN pad overlay or camera. For most accounts this is enough to then write the data to a blank card and start using it in other ATMs to get cash out.

As the number of ATMs that don’t support EMV drops (especially now with America moving to chip cards), it greatly reduces Monzo’s (and therefore your) exposure to fraud to disable these less secure technologies unless it is required for travel to a specific country where EMV chip supporting ATMs are less common.