Worth reminding of this article:
initially linked in this thread. Of course, not everyone is brave enough to face thieves, but that’s not what I wanted to point out. Due to the way Monzo is set up, the guy was given much more information than banks give us normally.
I had to call metro bank earlier today because they blocked my credit card after I tried to purchase something online. So much hassle for a transaction that was $10, I had to call them, verify that it’s me, confirm it was my own transaction and only then they unblocked my card. My card was blocked only because of $1 verification, it was never charged with $10… I asked support guy if I can go ahead and buy my stuff peacefully now, he said that it “should work”, but no guarantees. (╯°□°）╯︵ ┻━┻
Knowing that user is not liable for card cloning and related fraud, I much more prefer Monzo’s approach, than usual bank approach. Monzo’s behaviour is predictable, old banks - not really.
Worth noting that if a user gives out enough details to allow the third party to access his account, the user will be liable. Same thing is user voluntarily makes payment to a person who turns out to be a thief. Interesting stats can be found here:
I feel protected in the same way because Monzo/Natwest/other banks operate under same UK regulations. So only thing I have to be extremely careful about is giving out security details and password to my email. 