Chase refusing to transfer money to Monzo account

Monzo Chat
28

Id have guessed that there was a lag period where Monzo, Revolut etc were friendlier to crypto exchange payments - or just checked less payments in general - than the bigger banks, meaning a fraudster would have a higher chance of getting cash out when the last bank is a fintech

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Itā€™s likely I may have misunderstood somewhere in the chat, but payments get held up being sent to revolut because of the crypto side - resulting in higher than normal level of risk.

If revolut didnā€™t have crypto attached, I donā€™t think the risk profile would be as high as it is for other banks, and payments would go through with less friction.

Revolut is fine as a general account, but because crypto is fairly risky, and the stories told commonly refer to sending money to revolut, then out via crypto, this is part of the problem, probably the biggest part.

Monzo are still crypto friendly afaik.

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30

I will be moving some of my savings soon from Chase (to accounts in my name that I transfer into chase from regularly) so I hope this doesnt happen to me.

Good luck!

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31

Theres lots of ways they set it up, from either by convincing the victim to download the third party bank app and go through unboarding or they do the same thing via a mix of remote access and coaching. Monzo, Revolut and Wise are some choices for fraudsters as thereā€™s a higher chance some demographics dont already have these accounts and are less aware that theyā€™re unrelated to their existing provider. That and the quick account opening without a hard search helps too.

Either way the fraudster has control of the new account in the end.

The victim is either convined to send funds to the new account by faster payment or authorise an open banking request. Generally done under the guise of a safe accout scam.

The initial attack is a random fraudulent card check (after a successful phishing attempt) and the fraudster calls the victim with that knowlege in hand to get the scam started.

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32

My dad had the same recently trying to buy a drone - for less than a Ā£1k. The difference was it was his Tesco credit card asking all the questions!

They blocked his card but didnā€™t tell him - the drone payment declined so he used his Barclaycard. He then went to buy fuel and couldnā€™t pay!

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33

My Barclaycard got blocked trying to buy a new phone last weekend, kept declining so I just used my RBS CC instead which went through. 4 hours later Barclays phoned me asking if it was me then unblocked my account.

35

That was using Apple Pay. :sweat_smile:

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36

They just didnā€™t want you to get a Samsung when you said you couldnā€™t afford an iPhone :wink:

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37

Yeah my comment about not affording a 16 Pro aged like milk. :joy:

38

Wife tried paying for something with Apple Pay over Ā£1000 and was declined. Could have been fact it was Halifax debit card Iā€™m not sure but does mean Apple Pay doesnā€™t always work.

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39

One of the annoying things is, it wasnā€™t a new payee, money moves between those accounts all the time.

40

Another example, by Starling

(oops! edited typo)

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41

Who?

Also:

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42

Debit card payments canā€™t bypass the contactless limits users chose to set on their bank app, so in this instance itā€™s definitely because it was above Ā£100.

43

She was using Apple Pay which can be used over and above the contactless limits.

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