It’s because the scammers are good at it. They can inculcate a sense of fear and urgency. Often the victims are already stressed about something unconnected.
There have been cons as long as there have been people, and I guess there always will be.
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i was replying to the post via email, i didn’t realise its adding extra information🤭
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The Telegraph has a quota of at least 1 negative monzo story a week.
I do wonder why banks don’t push for an initial limit on the amount you can transfer to someone new and then once it’s gone through, allow higher amounts the following days.
NatWest limit initial transfers setup through the mobile app. You have to login and approve the payer to increase that amount.
I know there are scenarios where that won’t work but it would potentially stop someone transferring all their money out. It could be an opt in feature.
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Interesting short interviews
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Some excellent quotes in there
Maybe they do read some of the more snarky posts here?
The biggest mistake I see companies making is worrying too much about other companies!
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And one question that had an answer that was majestic in totally avoiding the question and not giving an actual answer (though, perhaps understandably so, given the laws) 
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I like that the link text cuts off the million from that £5.
Odd to use Monzo as the comparison there - like saying move over Lidl, there’s now a supermarket for people who eat pure gold.
Entirely different target audiences…
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I feel bad for Monzo having to pay 3k for someone’s stupidity.
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If it was a good will gesture, they didn’t have to. It was a choice they made.
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And it’s also, surely in the spirit and intent of the APP Code?
Admiteddly more complex, in that there was a loan step, but ignoring the loan element and if it was ones own funds, it sounds like it meets the same points as fraud they reimburse under those types of scams?
Most cases it would be upto the customer to take action against monzo to recoup their money if monzo refuse, here monzo would have to take the customer to court, writing off the loan likely would made sense
Also I suspect the interest of The Telegraph here in that case, like The Guardian previously, also persuaded them that the optics of swallowing it were worth it
The end of free bank accounts is bad news for Monzo and its rivals https://apple.news/AtSK01BkKT_qTL8qEvhOPfQ
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Thanks! An interesting read - but more about negative interest rates than free banking, I think.
Here’s the original URL:
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Thanks, I tried a few times to ‘come out’ of Apple News and paste the Wired link but couldn’t work it out 
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Indeed, and the article feels a little messy/confused to me. Banks passing on a negative interest rate isn’t really the same thing as banks charging people for holding an account.
But negative interest would be an issue for Monzo. They made £6.2m from interest on customer deposits in the last financial year, so that would be revenue lost. Also, as their interest rate is 0% already, they’ll have to decide if they put the negative rate onto customers or not, if they don’t it’ll cost them more.
Still, £6mil a year seems unlikely to bring the bank down on its own. It’s a challenge but alone I doubt it looks fatal for any of the fintechs. Also, the theory is in a period of negative rates people will spend more, meaning Monzo makes more transaction fee revenue.
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Interesting, I wonder if this is the same book that was quietly cancelled last year.
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