Revolut user very disappointed with Monzo

[alexs (Alex Sherwood)]

This is great feedback I should have got back to you sooner…

anyway

@mk1

change PIN via app

that sounds good to me!

@mk1

location based security - makes me feel a bit safer but also a bit worried it will not know where I am when I have no data and block me, so mixed feelings I guess

Monzo has this already it’s opt in & if you don’t have a data connection, Monzo is smart enough to check other indicators too (much smarter than your legacy bank anyway) -

Any problems with hopping countries quickly?

My assumption is that location based security is used to check your location (the location of your phone) vs where your ‘card present’ transactions are being made. If the transaction’s not being made in the same place as your location, it would be more likely to be flagged as potentially fraudulent. So it should be helpful if you switch that setting on. But if you don’t have a data connection, Monzo will use other methods to check whether the transaction is fraudulent & their checks are designe…

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@mk1

enable/disable magstripe - don’t care that much I guess. I assume this is a common scammer method?

Monzo disables Magstripe withdrawals by default but they can be temporarily enabled.

Some of the other community members have already followed up on this point but since you mentioned it -

Text from this blog post.

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.

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@mk1

Contactless - Many of my cards are contactless and I try to only carry one at a time so that I don’t have to remove it from my wallet every time I take the tube/pay for something.

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.

@mk1

enable/disable ATM withdrawals - don’t care that much I guess

@mk1

enable/disable e-commerce … not that bothered.

same here

@mk1

Security code to access the app is something I have on all my other banking/credit card apps to protect my money. Can live without it, but also doesn’t seem like a huge feature to implement.

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…

@mk1

My main use case is insight into my spending - that’s the sole reason I have a card right now (it has to be worth more to me than the rewards I’d otherwise get with AmEx/Visa).

Even I’m surprised that Monzo’s beating Amex in this area - that’s great to hear!

@mk1

I don’t actually mind having my holiday spending separate from my day-to-day so I think I’d probably keep Revolut around for that anyway. However, I’d like to make Monzo my “daily driver”.

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
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As I said, this was great feedback, thanks for putting so much thought into it