The "Monzo Pot" is a fantastic security


(Abdulkadir) #1

So my wife got defrauded by a weigh loss tablet selling company, and her bank knew about the company but cannot do anything about it.

This is how the story goes, a weight loss add pops up on Facebook, giving free samples, she was only supposed to pay £2 for shipping.

In the terms and conditions it states that you will get charged for the medication after two weeks or so if you do not opt out, who reads terms and conditions?.

The company ends up not even having a website and no way to find them online (really good fraud stars who know how to legally defraud.

She calls her bank and they tell her “We have the companies number, call them, it is not fraudulent because you entered your card details yourself”

The company tells her they would send her their address to return the medication but they never did, slick fraud steps who know how to avoid the law I tell you.

There are different means that people get defrauded.

The power of Monzo Pot is that, it helps you spend money only when you want to.

Imagine if Monzo can actually create a “card Pot” (optional) which you can only use when you spend on your card.

This makes it easier to keep the main account safe from any kind of access through our atm cards.

I believe this helps the customers from themselves.


(Jack) #2

I believe this is an idea already on the cards for the future. Being able to make payments from certain pots etc.


(Abdulkadir) #3

My focus is on cards and helping customers help themselves by detaching the card from the main account and attaching it to a pot.


(Excited about Christmas) #4

Surely if you sign up for something and then hide the money in a pot, the DD will fail, and you’ll be blacklisted? Can’t you just cancel the subscription? Worst case there’s a minimum period, but otherwise just cancel. If you can’t get hold of them, Trading Standards will…


(Kieran McHugh) #5

Thanks for sharing. This is a really interesting side effect of the fact that pots do not currently have a means of access (except for manual withdrawal, of course). I believe the plan is to introduce rule-based automation for pots.

Even after this additional functionality, we should keep in mind that some customers might wish to use pots as a secure cache with deliberately restricted access.


(Abdulkadir) #6

If you sign up for something you will have moved money to pay for that thing, and anytime you are getting charged you will be notified by the company charging you before getting charged, or that you do not have money in that account and you need to top up, thats how most companies operate, not fraudulent companies. if you do not have access to them after payment as it happened to my wife. you cannot do anything. so knowing when money is going to leave your account is my point.

not subscriptions or minimum period.

people sign up for stuff and forget.

for example, someone signed up to pay charity 2 pounds as the person was told by the charity on the street, but after a few weeks the person got charged twenty pounds.

things like this can be avoided mostly only through your bank. that is why I love monzo already.

I hope you get my point and subject matter.


(Andre Borie) #7

She calls her bank and they tell her “We have the companies number, call them, it is not fraudulent because you entered your card details yourself”

To me the bank is at fault here; she should be able to raise a chargeback whether or not she entered the card details herself; there are many more reasons for chargebacks than just fraud so dismissing the entire claim just because the payment wasn’t fraudulent is a bad move from the bank.


(Change Works) #8

I get the idea, and I believe that Monzo might be considering something like it, but the card effectively is a pot. It’s a pot with all of the money which isn’t in any other pot.

What would be good for you is a pot which could be designated to receive all incoming payments automatically.