Taking both of that you’ve said onboard I think this idea with some fine tuning works hard. There’s been times with my LegacyBank™ that they’ve just declined my card because they’ve decided that it’s fraudulent and that’s it. I need to wait for them to phone me answer 15 minutes of questions just to get my card reactivated.
Why not in this situation where monzo have a situation that they think a transaction is fraudulent just decline it, send a push notification asking if it was you if yes tell you to attempt again if not then opens an intercom chat and freezes your card?
Well in this situation where my bank have determined my card has likely been compromised enough to block a transaction I think i’m happy for my card to get blocked.
Don’t get me wrong i’m not saying for this to happen for every transaction I’m saying this should happen when their machine learning fraud detection has determined that a transaction is so unlike a users behaviour it wasn’t them when they are almost certain it was fraud. But still give the user a nice UI to say it was them?
Ultimately if I haven’t responded to the notification it should revert to blocking the card and await user action, if there is no user action in X minutes then auto dial out.
Sure, if we’re talking about that situation then yes, the sort of thing you’re suggesting would be nice. But that’s not the situation that the OP was discussing.
I think we diverged from the original topic a little bit. Banks do these kind of automatic detection anyway and they sometimes fail to detect frauds. What I originally suggested is to give more control to the user. Both approaches can be developed and improved in parallel, offering even greater security.
