Yeah I agree - it’s good to discuss and point these things out though for others.
I’ve read lots of horror stories with conveyancing too. So even with transfers to friends for small amounts I get paranoid that I’ve made a typo so I need them to confirm immediately that they’ve received it 
All the identity check and questioning are slowly helping combat this but there’s a long way to go though.
It really is, they’re very sophisticated nowadays!
Thanks very much!
Absolutely awful I agree, they sound very realistic
Thanks so much!
The first two bullet points are correct but as for the security clearance section somehow they repeated my security question to me without me prompting them! I haven’t filled in any scam email or anything online so we’re unsure how they got my details… I also deposited money into the bank on the Monday before and we think they could have just been watching my account… very unnerving.
I think it was a distraction technique, they even used current scenarios about not being able to come into branch because of covid etc and how that could delay stuff. They were correct about this as my local branch does not have a direct telephone number and you can’t currently book appointments due to Covid so I was never able to be seen in branch at Barclays even after the spoofing! They seemed to know all the protocols which is the scary thing however since reading up a lot online it looks like Barclays is targeted more than Monzo
Was your security question a custom one, or a generic one like Mothers Maiden Name / First Pet, etc? I wonder if they just try the common ones and get lucky.
I remember a while ago the going scam that targetted Monzo was getting access to the account, and then getting the user to delete the app, (so the scammers went in and moved money etc) under the guise of “App Update”.
It’s crazy how sophisticated they are.
It was my mother’s maiden name which they said ok for security clearance we are going to send you a code which they did and made me repeat back to them as though they were the bank and then they said is your mother’s maiden name X and i said yes they said ‘thank you that’s the security questions done now’ and now i’m like HOW did they know her maiden name as i don’t use it anywhere else nor is it on social media 
Wow you kidding?! That’s crazy. And i worry that they will just got more sophisticated as time goes on!
Ah, so that specific bit sounds like they were at the logon screen of your bank; when they tried to enter your details / do a transfer - they knew it would generate a code. The code goes direct to you, then they fill in the code when you repeat it back to them.
Don’t know how they’d get the name though!!
To respond don in a person whose currently going through this, my waiting time has been extended and don’t get me wrong it’s a hard horror to swallow with the waiting time of expecting a message every morning for a response.
However, as you said, it’s better to go throughly in these scenarios then rushing them, if you think opposite in the scenario it’d be heart breaking if Monzo rushed my case and said no to the reimbursement, whereas with them taking their time and effort they can hopefully resolve this in the extended time frame given.
Hope this helps,
Thanks,
Public records, same way someone researching their own family history would.
Pet’s name, first school, are also security questions where the information can be looked up (social media, for instance).
If I’m forced to set a security question like that, I will set an answer that does not match the question and save it in my password manager.
Ah yes, my first dog, fi$7!!uoBusje!"*, we called him Fi$$y for short
General question here, but as fraudsters are spoofing numbers would it be an idea to block said number say the number on the back of the card then they are unable to get through or as it’s spoofing the original number appear?
As ur only blocking the number coming in you can still call them
This is all really horrible, but I’m glad that folk are being offered their money back.
There is a separate question of just how sustainable this is - the money has to come from somewhere. But I wonder why there isn’t a concerned effort from telecoms providers and banks (and government) to:
Be very clear on the circumstances when banks will call customers. And an industry wide procedure on what to do and what not to do, so it’s common, communicated and understood.
Be clear that customers should only ever give security details when the customer calls the bank
Stop the ability to spoof numbers.
It feels a bit like banks are being asked to insure against - and ultimately bankroll - fraudsters here. It’s the right thing to do in the short term but we really have to get being the issue structurally.
I have no idea how it actually works, so just thinking out loud here, but the number calling isn’t actually that number, it just appears to be. So does your phone block the number that’s calling or the number that appears to be calling?
I think a lot of it relies on the bank it’s gone to sending it back, so it’s not a refund, more a reclaimed amount.
Unless the person moves it on etc etc etc.
But that’s my initial basic understanding in some cases.
My understanding is, the banks who subscribe to the APP code, also commit to fund a pot of money paid out to those who are a victim of the scam.
Obviously that’s not sustainable long term - but part of the goal of the APP code is that both banks and consumers both have to follow certain standards in order to reclaim costs.
I imagine long term that means Banks have a greater role to play in educating and reducing the likelihood of such payments being made. (Starting with things like Confirmation of Payee, context appropriate warnings, etc)
IIRC, Monzo haven’t signed up to the Code, because they felt their Systems were more advanced than Other Banks (
) and they’d be paying more into the fund than they would claim back, due to their Better Systems ()
Well, not really. The money stays within the banking system, much the same way cash stays largely within the UK. It will flow from bank account to bank account, and some banks will lose more than they gain, while others gain more than they lose, but essentially the money just swills around in the system. Even money which is withdrawn as cash will eventually be paid into a bank account by someone.
The losers are either those who are defrauded, or anyone who acts as a money mule as the cash is moved around.
I think we’re talking about two different things. You’re right, that money is sloshing around a big system. But if Monzo pays me £30k because I’ve been defrauded, then that money is coming out of Monzo’s pocket. They may be successful in reclaiming it - but account leads to account, to money mule, to a hijacked account - it’s impossible to trace it all, so some institutions end up bearing the financial cost.
If it were as simple as tracing it all back, then banks wouldn’t really worry about this stuff and fraudsters wouldn’t bother as they would know that they would either be caught or unable to make a profit.
I’m sure I read the other day that mid way through this year the FCA is looking at it all again and seeing how to revamp it and make it more sustainable in the long run.
Hi guys just an update on the case,
This time next week I should be receiving an answer from Monzo on the disputed case if all goes to plan.
I will make sure to update as soon as I get a response, it’s been a long wait but I’m hoping it goes well.
Thanks,
Andy
Thanks for updating us Andy and keeping everything crossed that the right decision gets made for your case.