Hi, I’ve been a Monzo user since they started. Yesterday I had a terrible experience with the Risk/Fraud team and their process where it took me many hours to have a simple transaction approved. I will now be cancelling my accounts. I was interested to see if this was unusual or if I was just unlucky?
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Each transfer request is unique, so the timing can vary as they carry out due diligence to keep your money secure.
Assuming you mean a bank transfer?
I don’t believe the team are inept, the bank has a duty of care to protect you, and them from risk.
What type of merchant was receiving the funds?
There are countless scams running as of late and with the new APP fraud rules, due diligence is likely higher than it’s ever been because both banks lose out if it is a scam.
Monzo seems to be much more risk adverse than other banks in this area, and frustratingly they also don’t seem to have the capacity to deal with it. They’re the only bank that’s ever blocked me sending money an account in my own name at another bank. I wouldn’t really have a problem with that if it took minutes to rectify, but it took hours of faff to get it unfrozen and allowed through.
Could just be monzo has a huge customer base 12 million upwards, therefore more people using the bank = more people mentioning payments being stopped opposed to other banks; because people simply use monzo.
My one and only interaction with Monzo customer service happened to be the fraud team and it was woeful. No explanation given - just a flat decline to help and closed the chat. Still love banking with Monzo (mainly because I never need to contact customer service for anything!) but from my very limited experience, the customer care does need a bit of work.
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They’re not allowed to provide detail. If they gave detail of how they caught the fraudulent attempt, or what triggered it etc, it would make it easier for scammers to claim more victims.
My case wasn’t fraud, nor was it a blocked transaction.
All I needed to know was that Monzo had incorrectly matched the merchant name to a well known TV subscription and even displayed that logo, too. The payment was absolutely nothing to do with that subscription and was a physical digital wallet transaction. Just closing the case with “nope, this transaction wasn’t fraud” is not enough from a customer service perspective. (The outcome is completely correct - it wasn’t fraud, but the customer service element needs more effort)
It was merchant data mismatch, at the bottom of the transaction it likely has the proper merchant name, and could be a subsidiary of such.
Sounds like a drama over nothing tbh. Just use the merchant correction process at the bottom of the transaction page.
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Even with the patronising reply, you are still providing better info that would have helped me solve the query than customer support did.
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