Wow. In that case it will have zero impact on me then.
Itās rare Iād have Ā£200 in my main balance anyway because it all gets filtered into pots.
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Iām sure there will be people that IF they lose their card and IF they had just reset the limit and IF the person who finds the card isnāt decent and honest and IF they can get to use it multiple times before they realise, will lose Ā£200. But knowing you get it back by the next day makes it a lot of fuss over nothing.
There will no doubt be a Daily Mail sad face article because someone couldnāt refuel/buy food until the next day.
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One of the few brushes Iāve had with fraud was someone picking up my debit card which I dropped at a Tube station and using it in a few shops. I think they spent Ā£10 and then Ā£25 in the next shop before I saw and froze it. It was tried again for Ā£30 or so in a few different shops over the next few hours before presumably being discarded.
It was refunded within a few minutes of speaking to Monzo.
Thing is, they find your card and then what. Unless they are organised they probably donāt know what to do with it, try their luck buying some cigarettes at a nearby shop or something. They donāt know if the card works or how much is on it. And after each transaction you are getting a notification.
Overall seemed like a small event to me and they didnāt get anywhere near Ā£200. I guess most such cases go down in a similar way.
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Was reading an article last week that said scammers donāt really go for contactless fraud; thereās a physical risk/difficulty in having to acquire a card first, and then thereās the fact that itās pot-luck if thereās Ā£5 or Ā£95 to go before the limit is it.
Itās far more lucrative for them to scam you by calling you up pretending to be your bank and getting you to transfer your money to a safe account, or any kind of scam of that ilk.
The article ended by saying that while contactless fraud will probably go up when the limit goes up, it will still be a relatively small drop in the ocean compared to other ways of scamming and frauding people.
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Also safer, you can run it from sweatshops in India and the main beneficiaries - the organised crime gangs that run the scams - donāt need to go anywhere near the dirty work.
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You could limit any unauthorized transactions by reducing the money in your current account.
Itās easy to move money in from a Pot as needed.
It isnāt ideal and I would rather be able to set my own contactless limit.
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That would mean permanent overdraft charges
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It also doesnāt work if you use your Monzo account for more than just spending.
Direct Debits and Standing Orders, etc, could end up leaving your āemptyā main balance and push you into overdraft by accident.
Itās too fiddly to really be workable.
I do agree with you @N26throwaway on your point about Monzoās card controls too. Starling, as you said earlier, are the gold standard with this and it canāt be too difficult to add a few more toggles (unless it is) so Iād like to see Monzo and others doing that too.
It would help people control their account in the way that works best for them, and possibly be good for Monzo as it might limit fraud too.
A win-win!
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Of course, but at that point youāre implementing workarounds for workarounds (and you would need to pay for Plus or Premium, which isnāt something you should need just to emulate the effect of a simple toggle at Starling or Lloyds).
Yes, exactly!
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Iād also like to see a custom contactless limit in the way starling has. Whereās the innovation that Monzo used to be so good at? Even Lloyds are ahead with this!
I agree with others too, a simple toggle would suffice to turn it off with the card whilst being able to use contactless via apple pay/Google pay.
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If they wanted to. They obviously donāt want to
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Because they havenāt done it
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But if theyād wanted to then theyāve had time and youāve said itās really easy to do. So you think they wanted to but didnāt dedicate the time to do something really simple?
Itās a pretty niche request probably only really wanted by people really into banking forums
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Not having a feature that barley changes anything does not mean thereās no āinnovationā
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Monzo donāt have to explain every decision to us. They have their reasons for doing things, doesnāt mean they have to tell us
I donāt like the idea, it encourages people to worry about something thereās no need to worry about.
If you experience contactless fraud just ask for the money back in chat.
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If youāre negligent and they can prove it.
Which they canāt/wonāt and especially not for the sake of up to Ā£200
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They arenāt going to go down the line of actively trying to prove you are negligent to avoid paying out.
The few quid that they might be fighting over would be costing them hundreds in staff time.
It doesnāt make sense financially to do so.
Itās cheaper to accept it and payout and close the case.
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It seems like a very unlikely crossover of people that might both be the kind to find and use the contactless limit control on the app, and be the sort that would see fraud appearing on their card and do nothing about it.
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