Monzo Fraud Process

I’ve been a personal and business customer for years, paying for premier and pro accounts respectively.

On the 23rd December, I was the victim of fraud and obviously reported it immediately to Monzo. It os a clearly fraudulent transaction, £500 to Iceland - one of the cheapest shops in the UK. You could probably buy food for 6 months with £500.

I’m based in Edinburgh, and the store that my money was sent to was in Flintshire (i have no idea where this is).

Since i reported this, i have had no refund of the transaction, even though a cursory search of my accounts would yield one result for Iceland - the fraudulent transaction.

January is the worst month for my industry, construction, and the money that was stolen was meant to be a buffer until work picked up. It was for fronting costs for materials etc so i could secure work.
I advised Monzo that they were affecting my ability to provide for my family and work and they’ve done nothing to help, and as a result I am having to suspend trading and get a job somewhere.

I don’t understand what could possibly be taking this long, nearly 6 weeks, to refund my money and Monzo have done absolutely nothing to help me. If you’re a Monzo business customer, beware; they will do nothing to help you should the worst happen.

Investigations can take 6-8 weeks to be completed, Monzo are snowed under currently. So long as you reported it correctly, and have requested a new card etc, unfortunately all you can do is wait until Monzo complete their checks etc.

We’re all customers on here, you won’t get any further help on your case here, vs on the app.

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If Monzo thought it was fraud you’d have it back by now.

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I’m not on here looking for help, I am getting the word out to anyone and everyone who has their business banking with Monzo. They’re an absolute joke and have done nothing to help

They’re investigating :eyes: What more do you want? Them to just give you the money back, and not investigate?

Yes, obviously. Duh :roll_eyes:

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Yes I want my money back, but some transparency on the investigation process, some support whilst they investigate, better communication and some customer service trained to do more than fob you off would have been nice.

The issue is they don’t believe you, which is clearly slowing things down.

If they had an update either way they’d have told you the outcome.

I hope you feel better now after your vent. Yes, Monzo could probably do better educating people on the process and the importance of it.

I hope that you have a better understanding of this now and hopefully your claim is resolved soon :crossed_fingers:

Well in situations like this the bank is supposed to reimburse you within one business day unless they can prove the customer authorised it. So yes, it’s reasonable to want them to give them the money back first. They’re supposed to.

@Tjack82, the bank has 15 business days to investigate the fraud complaint and get back to you. If they don’t you take them to the ombudsman, and that’s what I’d be looking at doing at this point.

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Im in the process of going to the ombudsman, but i need a “final outcome” letter from monzo’s complaints department in order to progress it.

Is this the same for business accounts? Or are the requirements less intense?

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Given the lack of a distinction I’d imagine they’re the same. Business banking customers don’t have their own separate laws and regulations AFAIK, nor is there a separate process outlined with the FCA or FOS that I can find. But I don’t know for certain, nor have I been in predicament to test it with the business account.

But this is why, when the question arises of which bank would you trust to have your back, even though I don’t use them much at all anymore, I always still fall back to Barclays with my answer. For the simple truth that they’ve always had my back when it’s mattered, and the fintech players haven’t.

I know back in some states in the US, debit card fraud for a business checking account is something the business remains liable for, not the bank.

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Yea my reply wasn’t an attack was just genuine curiosity :sweat_smile:

I think everyone should be wary of going all in on a bank account tbf. But I say that as someone that is all in on Monzo :sweat_smile:

A fraud case can take ~3 months, but more often less than 8 weeks.

If it’s hit the 3 month mark and you’ve not heard anything, reach out to them for an update.