Monzo in the media

Maybe next time they could go with the headline “Monzo customers pleased after glitch quickly resolved.”

(Unlike the RBS and Natwest customers, and the HSBC and First Direct customers who were locked out of their accounts for hours.)

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NatWest Credit cards are down too at the moment. Wonder what page that’s on?

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Well, on a postive note Tom has a short interview on the BBC on-line newsfeed this morning. Good to see that he believed in himself and took the risk to start Monzo.

Merry Christmas to all on here and at Monzo HQ.

R-

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Came here to post that. Well beaten to it! Happy Christmas both :grin:

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Monzo raising more capital??

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I could be wrong, but I’d hazard such a raise would be to fund the American expansion and get that moving faster.

YoUNG PEoPle LiKE iT BecaUSe oF iTS PiNk

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It is true though in fairness - they didn’t choose that colour purely because they like it.

Found the Daily Mail reader.

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New article in the Guardian this morning about a Monzo customer falling for a phishing scam, and the bank’s response: I was a victim of fraud and online bank Monzo was no help

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They followed a link in a message. Something which people are advised time and time again not to do!

Article goes on to say:

“This is the first complaint that we have ever received about the online bank Monzo which so far has been the subject of almost universal acclaim. It has a reputation for having strong security measures in place, so your tale – particularly the fact that your account had remained unlocked after the fraud emerged – was something of a surprise. You were seemingly the a victim of a “phishing” scam in which the fraudster impersonated both EE and Monzo. The bank has since recognised this, and that your experience wasn’t up to its usual standards. It has credited you the £214, and added an extra £75 for any inconvenience caused.

I still do not understand why banks are liable to give money back to customers who have failed to follow simple guidelines. Or am I being too harsh?

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You are not too harsh, I’m shocked too.

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I find it irritating that the headline of the article seems to incriminate Monzo, where the story itself is actually very favourable.

I’m comfortable that the fraud was reimbursed. However, I do think the £75 compensation payment was excessive. The mistake was the customer’s, and they should feel grateful to be reimbursed at all.

I read an article a few years ago about an experiment that was conducted in Sweden (or it may have been somewhere else) where the customer was liable for 10% of any fraud on their account, and in exchange received better rates and lower fees. They found that the amount of fraud suffered by customers was considerably reduced, as people are a lot more cautious with their own money. I do wish that such a system were possible in the UK.

Finally, how impressive that with Monzo having 3.5M customers, this is the first complaint the Guardian has received about them!

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Is it not our money being used to reimburse though?

How do people learn if no penalty for not following the basic security advice that is pushed down our throats every day?

I was taught actions have consequences. Take away consequences and people become lax when performing actions.

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In all honesty if, despite all the security measures banks have in place, you’re dumb enough to fall for this crap, why would you be entitled to a refund? There’s clear guidelines on how to use your account, never to give your passwords to anyone or click dodgy links. Also plenty of articles on the web on how to use these things and the dos and don’ts in these situations.
People like this should stick to cash to be honest.

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The compensation was not to compensate for the customer’s error. It would’ve been for the poor support experience they had.

Monzo have said that they will abide by the push-payment code even though they’ve not signed up yet, so it was wrong for the first COp to say that nothing could be done.

That aside, I read the letter in the Guardian at the weekend (and couldn’t share it because it wasn’t online yet) and was annoyed at the framing of the letter and the reply. This could have happened with any bank, and the only real issue was the initial reply. Seemed rather harsh then to present it as more of a Monzo problem than it was.

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It might help when setting up a new payee if there were bold :white_check_mark: one had to tick to confirm.

:white_check_mark: I am not adding the payee based on a call I have received
:white_check_mark: I confirm I will be liable for any fraudulent payment
:white_check_mark: I have verified my the payee details
by contacting the payee directly
:white_check_mark: The Payee is known to me

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We need some balance here… yes, customers should be incentivised to take care but banks also need to be incentivised to improve their systems. Where was the second factor authentication here? Or the 3D Secure confirmation?

The £75 compensation is for the poor experience described in this bit: “ A few days later I called Monzo to ask when I would be reimbursed only to learn my account had not been locked, the person I was speaking to had no record of the conversation.”

Sounds like it was a bank transfer as it was sent to a Bunq account