Hi, I’m new here so sorry if anything I say was ready mentioned somewhere. I’ve got two questions about security.
First: why when the app is running in the background I can re-open it without using a password? I’ve got few others banking and crypto apps and non of them is so insecure.
Second: Why when system discover a suspicious transaction the card is frozen AFTER the payment, not BEFORE? Money goes out of my account and then the card is frozen. In My opinion the transaction should be blocked, card frozen and then I should be able to confirm that it was me so next time the same transaction will go through. That’s also normal way of dealing with suspicious transactions in other apps.
There’s no security on the app as standard, your phone lock code is your security here.
There’s also no timeout for the app to lock itself, if you’ve set up Face ID or pin on opening, just be sure to close the app yourself fully every time if you’re worried you might lose your device before you lock it.
Some merchants don’t complete an active card check for monzo to recognise if fraudulent or not, therefore this cannot be caught pre debit of funds because there’s nothing to indicate the transaction is fraudulent.
I think there must be a whole host of different algorithms that different banks use. Nationwide has blocked transactions for me on multiple occasions, meaning it did not let them go through at all. The transaction is blocked, and the card is blocked itself, then I get a text where I have to reply if it was me, then the card is unblocked and I am told I can try the transaction again.
In the past I had to call the fraud team to get it unblocked. I’ve never had an occasion where a transaction went through and then Nationwide blocked my card.
Mind you, every single transaction Nationwide has ever blocked on me was legitimate, all false positives.
This is usually when a card check has been initiated, if Nationwide are picking it up pre debit and you’re making the payment, it’s likely you’re using a merchant that has 3D secure active.
Most of the blocks have happened on automatic/not-regularly-recurring transaction such as auto top-ups for services. A couple of times it was blocked as I was paying for something at a physical shop, but that was years ago and hasn’t happened for a long time.
