Two factor authentication with card not present transactions

[alexs (Alex Sherwood)]

Edit

RIchard’s last comment & my reply below is related to subscriptions, rather than card not present transactions, see this post for more

Idea to solve the problem of changing card number on loads of subscriptions

I’m totally sold on Mondo at this point. So I’m going through my bank statement and finding things that aren’t Mondo top-ups, which is pretty much all online services that have my old card saved, and changing the card they have saved for me. This isn’t the first time I’ve done this though. Every time a card expires, I have a bunch of services to tell about the new card details. So I had this idea. Initially I thought it could be a product in itself but actually Mondo are probably in the best p…

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That looks like a solid list of potential issues. But I don’t know how often they occur in the grand scheme of things. It sounds like a lot of the issues are caused by users not understanding how to use the cards correctly (though you could argue that this also means they’re too complex of course) & customer support teams not being aware of the product. Both could potentially be solved by widespread adoption & useage of the solution.

So I’ll defer to Monzo here, if they consider these potential problems & create the solution then great, if they decide it’s not worth the hassle, they’re well placed to make that call because it’ll cost Monzo if they get it wrong.

I completely agree with all of these points though -

@RichardR

certainly my personal opinion is to get more merchants using smarter methods to take recurring payments and get users on Apple Pay and Android Pay wherever possible with a smarter bank that is able to track and inform about upcoming payments, warning/alerting if they are suspiciously different than normal.

I know that Monzo’s planning to implement all of the ideas that you’ve listed (apart from the first obviously, which is down to the merchants to implement) & they’ll be really useful.