Fraud Advice Required

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1

Hi All,

On 18th June, I had 4 fraudelant transactions made from my Monzo account.
1 x £6,021.67
3 x £500 each to the same company.
Total of £7521.67
Normally, if I complete a transaction, I have to verify it in the app. In these 4 instances, all within the space of approximately 15 minutes, the transactions were made and there was no requirement to verify said transactions. How can this be?
Also, we are now into week 9 of Monzo’s investigation. Other than my app telloing me of this Fraud report having been received on the 18th June, the day of the illegal transactions, I have heard nothing.
How long do these cases take to investigate and is there a way that I can make contact with them to see where we are up to with the investigation.

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2

That’s extremely peculiar. Monzo usually respond and issue the refund by the next business day as required by law:

To not have heard anything back for over a month is not following the Financial Conduct Authority’s guidance. I’m not sure if this is due to the amount being so high (> £1k) - regardless, you should raise a complaint through a chat and request an update.

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3

Regulation, not law.

And only if they can’t prove you made the payment.

If they suspect you did, those rules don’t apply and a thorough investigation needs to be completed first to decide if a refund is applied or not.

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4

Apologies - should’ve specified, but don’t the banks have to follow the financial conduct authority essentially making it by law?

If it is as David has stated, it should have already been refunded and a reply would’ve been sent. I assume the case is that it’s a high transaction and a refund would have to be investigated due to the suspicious activity.

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5

I have now got some activity via the Monzo App asking for further clarification, so hopefully, it will now be resolved and I’m not holding my breath that I get my money back, but I certainly didn’t invite anyone to take it from my account.

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6

I agree it could be quicker at replacing, however, the system may not have refunded up front of the data held by monzo feels like it’s the customer trying to pull a fast one.

It’s not law just a regulatory obligation. Nobody goes to prison for not following those rules.

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7

The obvious thing to do would have been to cancel the payments immediately they were told of the fraudulent activity.
They could also check with the recipients of the cash to see where the goods/services went to.

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8

Cancelling payments doesn’t do much. They’ve still be authorised and still need to be collected by the merchant.

Generally the merchant itself is innocent, they don’t know it’s fraud.

Fraud refunds commonly come from the bank/emoney provider it came from, except in the event of a chargeback.

Cancelling a pending payment is possible, but the merchant can still come and collect it at a later date because it’s owed.

Experience working in fraud, we would need to wait for the transaction to be collect before a fraud case could be logged.

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9

Brought a tear to my eye, we used to use a filing system called PEGA to log fraud. Current employer don’t have it.

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10

Hi all
Is Apple Pay more or less secure. By turning it on in your account, do you make your account more accessible to fraudulent transactions?

Is the following statement not correct and if not, why isn’t it as it appears to add additional security to your device
Apple Pay uses security features built-in to the hardware and software of your device to help protect your transactions. In addition, to use Apple Pay, you must have a passcode set on your device and, optionally, Face ID or Touch ID. Apple Pay is also designed to protect your personal information.12 Apr 2024

Also, with regards to stopping payment. Whilst I understand that the person that the goods/services were purchased from may well be innocent, do they not also have a duty to verify that the transaction(s) are authenticated. Also, they can stop the goods/services that they have ‘sold’.
It was mentioned that even by stopping the money that they can come back at a later date to ‘collect’ it, surely they cannot when the transaction is fraudulent. If you were to buy a stolen car, who does the car belong to, you or the person that it was stolen from?

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11

By using Apple Pay, the bank will have greater confidence that you authorised individual transactions made using that method.

Just to add; you don’t turn it on in your account, you add your card to the Apple Pay electronic wallet.

Yes, but they can depend on the bank telling them that the transaction has been authorised. They have no way of independently checking whether or not a transaction has been properly authorised.

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