Coulda Caught That with Fraud.net!
A UK bus company has banned mobile payments by customers of travel card providers Monzo and Revolut for bus fare and has imposed a £10 limit on mobile contactless fare payments following a wave of fraud using this method. Ensignbus claimed to have lost £10,000 through contactless mobile payments in previous months. As a result, the bus company blocked Monzo, Revolut, and ABM Amro account holders from using their cards with ticket machines.>> Finextra: Read moreThe ProblemThe Solution
Mobile Contactless Payment Fraud Causes £10,000 loss
Transactions made using Monzo and Revolut mobile payments resulted in non-payment. Users of those services can apply for an account, then zero out the balance, while still holding a valid card with a spending limit. This allows users to still make successful fare transactions, but the payment is incomplete, and the bus company does not receive the fare.
Transaction AI
Real-time transaction monitoring and identity verification to mitigate transaction fraud schemes.
- Rapid and accurate risk scoring
- AI-powered rules engine
- Identity verification and transaction history
- AML monitoring
Get Protected Today!
Get Started Today
Experience how FraudNet can help you reduce fraud, stay compliant, and protect your business and bottom line
