Recently my normal debit card was used to withdraw cash in Asia. I feel that this kind of thing should be impossible.
Perhaps Mondo should not allow cash withdrawals from cash machines that are not within some sensible distance of my phone. And in the case of someone trying I want to know about it.
Or some kind of second factor authorisation via the app may be an interesting idea.
Keep up the good work. There’s tonnes of potential here.
For sure We can’t wait to really get started on fraud protection like this – @tom is a big fan of what we could do to a) stop your card being fraudulently used abroad and b) stop your card from being blocked when you’re legitimately using it abroad!
Just a cool thing I really want to see, Barclays sends an SMS when any transaction is declined for fraud reasons and provides details with a single character (Y/N) response to either launch an investigation or allow it on retry (Q: Is the auth timeout long enough to allow for a push notification with accept/decline to be sent to a user?).
Would be really cool to have this kind of functionality in the app with Mondo’s rich transaction information. It would certainly resolve the pain my Dad goes through every year paying for IBM software licensing and getting his credit card locked for multiple days.
As for going abroad, anything to prevent the pains my girlfriend went through with Lloyds in Japan. ANYTHING. I imagine location services are going to be super useful here along with being able to show current exchange rates where you are and tips for use in the country.