So I’ve become a Natwest refugee and pretty much moved all of my banking over to the Monzo CA Preview for the past 5 weeks. Everything has been running smoothly and I have no complaints.
One concern I do have however is that I travel a fair amount and use my card online quite often in varying currencies and such. In recent years I’ve been the victim of card cloning on two occasions (mostly from the US) with fraudulent transactions attempted.
One thing I can praise Natwest for is that they were always incredibly quick in reimbursing my funds (literally the same hour) and normally had a new card out to me the next day - no questions asked, and the whole experience was pain free. In fact, I didn’t even lift a finger - they called me minutes after the transaction attempts took place, restored my balance and I was all sorted.
Alongside that, occasionally my card would be temporarily blocked if they felt certain transactions were not legitimate and I would confirm via text.
As much as I love Monnzo, I can’t help but think I am less protected and perhaps more vulnerable to fraudulent transactions than as with a high street bank. Alongside that, I would worry about the kind of process Monzo has in place for reimbursement - even if I clearly did not make the transaction.
Can anyone shed any light on how Monzo deal with these situations?