And I would guess a small percentage of customers would read a push notification or notification in the notification centre if they used that.
Unfortunately you can’t make people want to understand how they are at risk- usually until it is too late, and that is the real issue. Take that warning I posted above - I have never even noticed that.
In the age of apps, do customers expect more or less automation and hand-holding from their services? I would say that they expect more hand-holding, not less.
Is everyone actually able to comprehend, and act accordingly, when confronted with fraud? For especially the financially vulnerable, it seems an incorrect presumption to believe that everyone can actually be given the required knowledge to prevent themselves from becoming a victim.
With Monzo being a bank and not an educational institution, is it their role to educate, or hand-hold? I would say it’s clearly the latter, plus how could Monzo educate? If people don’t want alerts about fraud, they certainly wouldn’t want lessons about fraud!
What they expect and what they get are two separate things. I’ve said previously on this forum that the trend towards having everything automated is a very very dangerous one - the minute our lives are so automated that we don’t put any thought into our finances is the day the banks, the lenders, the scammers win because how else will we know what’s wrong? The Banks should never hand-hold you - hence why you should get financial advice when entering into a mortgage, and other loans - the minute you let a bank do everything for you is when they can do whatever they like.
With all respect, those who are vulnerable are a complete separate group - the FCA say that about 101 things should be done for a vulnerable customer as opposed to a “regular” customer. It isn’t and shouldn’t be the banks job to stop a “regular” customer making a payment. There should I agree be more barriers for vulnerable customers - albeit I don’t know what is currently in place.
I’m not advocating that everyone get degrees in financial services - but it is clear that there is a large part of the banking population who don’t understand things like interest, fraud security, inflation - these are things that can be taught and learnt and doesn’t require an IQ of 120.
Technically its neither. They hold your money that is the long and the short of it. But If you were to ask me whether they should be actively trying to encourage the education of their customers so they can make better banking decisions or to hand-hold them into making decisions, I’d argue it is the former. The single most important thing to me about personal finances is education/knowledge.
Monzo already have and are educating - they’ve done blog posts about ISAs, Interest and now fraud just to name a few. They are helping to explain what these thing actually mean for their customers - not arbitrary definitions and equations. The problem is that you can’t make people want to learn more about finances, but simply have the information there should they want it.
I’m not saying Monzo need to start handing out degrees - but by facilitating the availability of this knowledge, in my view they are doing far better than the majority of legacies.
I’m one of those people who doesn’t actually ever answer my mobile phone when it rings, unless the number is in my contacts list. I’ve also disabled the voicemail. Scammers almost always ring off after 5 rings anyway, very rare that a scammer will leave a voicemail message. Basically, if someone is that desperate to speak to me, they’ll leave a text message or if they think they know who I am, they can email me. I just cannot be bothered to speak to people who have no business calling me in the first place. I’m even registered with the Telephone Preference Service, but of course that doesn’t stop someone sat in a call centre overseas from random dialling. More importantly, I don’t fret or worry over missing a call I don’t recognise. Life’s too short.
Withheld numbers, blocked numbers, no caller ID, none of them get answered on my phone. If they can’t be bothered to call from a fully traceable number, that includes banks, HMRC, the Police, then it’s tough I’m afraid. I’ve just looked at my list of blocked numbers on my iPhone, and it’s pretty huge. I always check out the number online before I block and almost always, they’ve been reported as a scam caller.
This type of fraud is very common and banks have to follow particular protocol put in place last year, for example the account holders name must match the bankvaccount details which is usually where banks are found to be negligent by allowing these payments to be processed.
I have a Santander account and before any payment/transfer transactions on screen messages pop up and a drop down asking for the purpose, a bit tedious but clearly highlights the risks of fraud
You can place all the notifications but the real difficult ones are the ones that have been truly social engineered.
For example you’re buying a house and you get a text asking to transfer the deposit and it’s the same number as the solicitor. People have fallen for it.
As I’ve mentioned before, the bank wants to move your money into a safe place should be an obvious red flag but sadly people do miss it.
I think the payment verification will be good but I like to add descriptions to my payee name, so hopefully Monzo will allow for that. Otherwise if you hold multiple accounts in your own name and they all have the same payee, it’ll be a pain.
It’s sad to see this still isn’t common knowledge but the best practice is:
Never deal with anyone who phones you and don’t phone them back if they called on a landline - (they can hold the line open)
Don’t deal with anyone who knocks your door, or really just don’t deal with anyone that approaches you!
The energy companies and charities get huffy when I tell them I won’t deal with anyone who approaches me. I can’t verify who they without significant time to look into numbers, calling companies, etc. Anyone can print a badge and make it look official. Phone numbers can be fake with fake operators. I could call someone using a bank’s phone number.
Everything is so easily faked so you have to verify a phone number, call them, and even then I doubt there’s any guarantee the person your talking to is legit.
Monzo could probably do with implementing a new payee alert SMS. I’m sure it’s not all that intrusive as it wouldn’t be very often people are adding payees. I’m sure the majority of major banks do this automatically just in case.