Just want to share a recent experience that had me convinced why monzo is superior to other Banks
Recently, my monzo card was cloned (I have no idea how it was cloned)
The scammer first used it to make a small purchase at sainsbury London. I was not in London at that time. Thankfully, I noticed the monzo app notification and immediately froze the card.
Then I contacted monzo customer service for assistance about the fraudulent transaction. About an hour later, the scammer decided to use it to pay for 3 expensive meals at Soho london. But the scammers didn’t succeed as the card has been frozen. Monzo’s response was prompt and brilliant and they reverse the fraudulent sainsbury transaction and arranged for a new card to be sent to me.
Anyway, I learned a few important lessons here:
- I could have lost a lot more money if my other bank cards have been cloned instead because I wouldn’t have push notifications of my transactions. I probably would have noticed it a week later as I don’t check my bank statement everyday. By that time, the scammer would have taken a lot more from my bank account.
- it’s awesome to be able to freeze the card instantly via the app. Imagine having to call a hotline to freeze the app.
- I believe the scammer timed his operation on a weekend on purpose as it would be outside normal banking hours. Thankfully, monzo has a brilliant, prompt customer service availability on weekend.
- I have no idea how my card was cloned. It could have been a compromised ATM or a dishonest cashier. I can’t bear the risk of using my other bank cards anymore as it doesn’t give me the control that monzo gives me.
Long story short, monzo is the future of banking. Great customer service. Great technology that allow me to track and minimize unauthorized use of my card.
Given this card cloning scare, I won’t be using any of my other bank cards anymore and I’ll use only monzo from now on.