Best and worst banks for 2019

Monzo got 65 on product score
What does that mean

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Newest figures released here:

:thinking:

This really feels like something Monzo should be signing up for now or at least explain the delay

I remember reading somewhere on here where they’ve said they comply with the spirit but why wouldn’t they just agree to follow the code?

Does anyone know the reason why?

I think that banks which sign up have to pay a transaction fee into the scheme to cover the losses. Monzo believe that it is unfair as it doesn’t incentivise banks to be proactive in detecting fraud.

This is from memory, so happy to be corrected.

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This thread explains it well

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Monzo publically stated they would join the scheme and would abide by it ‘in spirit’ until they had done so.

However, their new T&C (v1.8) seen to directly go against this and no-one from Monzo addressed this when I pointed it out.

The delay is because Monzo thinks that banks who let more fraud happen should pay more into the system, instead of banks who are better at blocking fraud having to subsidise them.

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I don’t think that’s true. Monzo might not like the way the code is funded and want it changed but they knew what it was before they announced they would be signing up.

are there any stats on how any of the new banks are better at preventing fraud that the existing banks?

There are some old claims from Monzo such as https://monzo.com/blog/2017/02/03/fighting-fraud-with-machine-learning but that’s quite out of date and from when they had prepaid cards

I don’t think any of us can say with certainty that “they knew what it was before they announced they would be signing up”. I can well imagine that they read the headlines of the code and knew they would be signing up at that point (and said so), but didn’t realise until they got to the nitty-gritty of things that they would effectively be subsidising the dinosaur banks.

That I can imagine this is because in my own life I’ve had experiences of telling people “I’m going to sign up to [thing]…” (be it a club, an event, a product etc) only to later not do so because reading the small print during the process of signing up has revealed something that has put me off.

tl;dr, only Monzo can say what they did or didn’t know at that point in time.

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yes, there’s this. Obviously no real details

The code was developed/finalised after various industry/public consultations and drafts etc. so you can be sure all the banks knew what was proposed.

I have noticed recently that when making transfers to new payees, my Nationwide account asks 2 or 3 times:
“Are you sure that this transfer is legititimate?”

Fairly easy thing to implement, but, to charge the banks for the privilege of trying to prevent fraud is a bit unfair

Think that’s all they need to be safe under the new code

Means the bank are covered

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Confirmation of payee was supposed to have been rolled out before then though

looks like that will come in at the end of March now, for most banks

I would imagine it’s real headache for the older banks to implement. The check is simple enough but most legacy banks let you type whatever you liked and it allowed you to describe the account eg Jeff (Monzo) . I would guess they’re all going to have to expand that process to add a description as well as a name.

It still sounds easy till you think of the millions of accounts impacted and the migration of that data. Monzo use a modern platform, as do starling, so it will be easier for them.

I’m not aware of any bank with it implemented so it looks like Simon needs to wind his neck in before vilifying other banks.

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