Hi there, great product!
I’ve been having problems with fraud lately on my credit card. I had a couple of ideas about trying to make this harder for criminals to do, here’s one.
I typically have a selection of merchants that I use frequently (Amazon, Ocado, etc) and a bunch of subscriptions to services and charities. Most of those services have a regular pattern. Subscriptions are the exact same amount for years on end, things like Ocado are typically in a range that goes from a number to double that number. Merchants like Amazon are pretty irregular, but also infrequent and I tend to plan ahead for purchases over say £50.
I wondered whether setting a limit per merchant might be workable - it seems that after a few weeks, it’d be possible for Monzo to start suggesting limits based on the patterns it’s seeing to help me. When I want to exceed a limit, I would like to hit a button to remove the limit for that merchant for the next hour, or something like that.
If I want to transact with a new merchant, then I can temporarily allow new merchants, along with perhaps setting a limit (as I’ll know what I want to buy and how much it costs at that point)
If I forget and attempt a transaction that breaks these limits, then send me a notification immediately as my transaction fails. The notification has a button I can press to allow this transaction when I try again. There’ll be a failed transaction and a little inconvenience in these exceptional circumstances but that’s a small price to pay to make fraudsters’ activities more difficult.
I think this would work for me, because I have predictable spending patterns - I’d imagine that’s pretty common but I can’t really say - so it should certainly be an opt-in/out thing.
Anyway, hope that helps and keep up the great work!