That works for Push Payment fraud with Monzo - but what about the instances where it is someone from BT, Contractors, the people you pay monthly for bills. The fraud is so so wide and the scams getting more and more complex each time - Monzo probably can’t and IMO shouldn’t be holding your hand to make a payment.
Not sure if this has been added recently (shows the alert blindness already) but there is a “New Payee Warning” already - clearly these sort of alerts don’t make that much of a difference - as I said earlier every email I get from my legacy has this stuff on it. It’s about education and not warnings IMO anyway.
New Payee warnings are a good thing, but Monzo could leverage some sort of intelligence into it that would again raise warnings only when a spike is occuring. In an ideal world, Monzo would be able to grade users in financial knowledge and give users who are less knowledgeable more guidance, but pipe dreams and all that
Although, I’m surprised the warning isn’t more visible; having washed out text makes it look like T&C small print rather than a serious warning
As I say the fact that I am so alert blind could suggest this is a new thing (although I doubt it) - I don’t think warnings are enough - there are warnings every couple of hundred metres on a motorway telling you the speed to go, yet thousands and thousands speed everyday.
Not to mention in a bout of panic being told your account is compromised you’d make that payment as fast as possible to ensure it is “safe”. No matter the warnings I’d bet if you weren’t aware of how the scam actually worked (not just that they were happening) you’d disregard those alerts as soon as possible.
I think the blogs are a good starting point - they are pushed through the socials and maybe having a link to it via the new notifications centre would be a good idea - although how many are just going to delete it and not read it.
I think it is more about raising the average level of financial knowledge not hand-holding those who aren’t as knowledgeable - otherwise they’re unlikely to gain the knowledge themselves.
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