Fraud Transaction Refunds


I am planning to move from Australia to London soon, and came across the wonderful services you guys are providing and considering how crazy it is to open a new account in London, I am leaning towards opening a account with Monzo,
This is what made me worried though it is under

But, you won’t be able to claim back money you’ve lost if:

  • you didn’t keep your phone, card and PIN safe
  • you broke the terms of this agreement
  • you gave us incorrect instructions (we’ll still try to help you recover your money)
  • we took actions under conditions outside of our control
  • the losses aren’t the direct result of our actions.

So currently all the leading aussie banks provide money back guarantee on Fraud , so say some one stole my card and used it . If i report and admit all the details, I get all my money back.

The above statement from the Monzo is however not clear in the case that i just mentioned, What would happen if someone steals my card and by the time i figure out and freeze my card the person has already done multiple transaction. Would Monzo honour it under this scenario and get me my money ?


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Think they are pretty standard U.K. bank t&cs. If your card gets lost or stolen you’ll be fine. Write your PIN on the card with a sharpie, post a photo on social media of the front and back of the card, transfer money to another bank account using the wrong account details etc and you’ll have problems


Broadly speaking, if you are negligent, then you will have trouble. But that’s the same for any bank.

In the situation you put forth as an example, you should get a straightforward result from Monzo - and a better result than you would get from a non-app bank where you might not notice the fraud until you receive your monthly statement!

If your situation was someone stole your card, you found out, but then took another day or to to freeze your card, then you would be acting negligently and may not get a full refund. But again, this is the same for all banks.


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