I guess a passcode could be optional? I can see some being more comfortable having one.
FWIW I think some people would like to have a separate code because they may allow someone to borrow their phone but want important things like money protected. E.g. my friends often let their kids play on their phones. They may accidentally send messages etc but at least not transfer all their money away!
Interesting about the magstripe. Thanks. I saw that Monzo allows it to be disabled for ATMs only, I wonder why the distinction.
ATMs are far more risky than general merchants because they’re handing cash out. You can’t really chargeback an ATM!
In general, it’s a risk game that banks have to play. Balancing support for older, less secure technologies with keeping things secure enough to not lose too much money to fraud. In this case, magstripe ATMs seem to have crossed that line to where they need to be enabled manually when required, rather than making the user go and disable what they don’t need.
The magnetic stripe on the back of your card contains information about your card, including the long number on the front (your ‘Primary Account Number’) and your card verification code (CVC). Because this isn’t encrypted, fraudsters can easily steal it by using ‘skimmers’ attached to legitimate ATMs or payment terminals and print it onto the magnetic stripe of a blank card to make a counterfeit.
This is an interesting one - am I right in thinking that you’re worried about card clash here? Users have requested a setting to disable contactless for this reason before, does Revolut’s work for this? I’m not 100% sure that a setting that’s controlled by the issuer would work for this - I genuinely don’t know.
I don’t think it is, the problem is the added friction & the fact that it could actually make the app less secure, if it’s relied upon to protect features within the app - funnily enough, this came up today in the developer’s Slack channel & Daniel (one of the Monzo team), pointed out that it’s the recovery process, if the user forgets their PIN, that’s likely to be the weak spot…
Even I’m surprised that Monzo’s beating Amex in this area - that’s great to hear!
Fair enough…it’s worth remembering that Monzo has a Holiday category that you can automatically assign your transactions to, to separate them from the rest of your spending too though…[quote=“mk1, post:16, topic:7427”]
Just want to give feedback to help.
Hope that helps clarify
As I said, this was great feedback, thanks for putting so much thought into it
To avoid card clash on contactless, you’d have to actually disable the contactless mode on the cards you don’t want to use. It’s unlikely an app switch would do that - it’s more likely to simply deny the transaction when presented for authentication, and so useless for preventing card clash.
As a moderately paranoid user, I actually have an RFID shielded wallet - what I’d love is a pocket on the outside of it that isn’t shielded so I can put the card I typically use for everyday transactions in there and just wave my wallet.
At least until my kerv gets here… if it ever does.
Hey, sorry for the delay in my reply. Glad it was helpful. As I said, it is really a first impressions thing and I wouldn’t say that the title of this thread matches my thoughts - otherwise I wouldn’t bother sticking around
Interesting about the location based security. I thought I’d heard that but can’t find the option in the app.
Ah the contactless point is interesting. I only really use Revolut abroad so haven’t actually tested the card clash issue, I just saw the option and thought “great idea”!.. but perhaps it is not as useful as I thought then… (if the issue with card clash is the interference between two cards in close proximity whereas all this prevents is the authorisation… maybe I should test this!
As far as beating AmEx, I’m testing it as an experiment to get some insight. We’ll see how it lives up. I must say that I hope to see some advances in the spend tracking in the future as it’s a bit limited right now. Main points here:
be able to assign money given to/received from friends to a category - even if this means having to fudge it with cash withdrawals/top ups since I can’t do the money transfer through the app. But since top ups can’t be assigned, this breaks the whole workflow
custom categories. For example, I’d like to have a category for a couple of hobbies to track them. I get that you probably want to discourage lots of fine grained categories as these can be harder to use, but some level of customisation would be great
interesting thanks, yeah I’m pretty sure I didn’t have that issue with Revolut, I wonder how they solved it. I’ll try to remember to check! I can understand that they would prefer to avoid that if seen as too confusing for some.