I’ve just come across this article from Money Saving Expert -
It basically explains that it’s still possible to make contactless transactions after a card has been cancelled, if the terminal is offline.
Since I assume that Monzo’s freeze card functionality only works when the transaction is made online, I’d be interested to hear how Monzo currently deal with these transactions & (if that process could be improved), their plans for the future.
There are differences between how banks, building societies and credit card companies deal with such fraud; some take proactive steps to warn customers or block payments from debiting their accounts, others make it the customer’s responsibility to spot the fraud.
One legacy bank’s approach, that’s mentioned in the story, certainly doesn’t seem ideal -
"There was a customer recently who, eight months later, found out that his card was still being used.
"He phoned up the bank, which said the card could continue to be used until the expiry date on the card and that he should carry on checking his statements and let the bank know.
I’ve just seen this on Twitter but as I mentioned, I don’t think the in-app functionality actually solves the issue so it would be good to hear some more detail on this.