To be honest, this is the only issue that really worries me about Monzo’s otherwise fantastic card. So, what happens if you lose both your card and phone? Well, it takes a simple phone call to Monzo’s customer service which, thankfully, operates 24 hours.
It took a bit of finagling – as I don’t think this is an issue that the company has dealt with often, at this point – but when my phone and card were both stolen, I was able to cancel my card and order a new one immediately over the phone. The downside being, of course, that you have no access to your money until the new card arrives and you can reactivate it via the app. I would love to see the ability to access your account securely from a computer, allowing you to authorise a new phone, which could then be used for contactless payments.
I like to use my own Monzo card when I travel, as it offers substantial savings. However, if you’re going to lose your card, or have it stolen, it’s most likely to happen while travelling. At which point, also losing access to your funds could be a colossal inconvenience. I’m excited to see what Monzo is able to do to combat these shortcomings, and I’ll continue to support them in the interim, but I won’t be replacing any of my regular cards with Monzo, until then.