I completely agree, which is why I used the word twisted to describe the comments from @Sachaz Whether a grant from the government or in RBS’ case, mandatory funding to create competition both have specific purposes. In Starlings case they expanded their SME offering and in Monzo’s case they created local jobs and wealth.
Not about Monzo specifically, but other banks, and it seems highly relevant considering it is banks being called out for their anti fraud processes not being good enough.
BBC News - FinCEN Files: HSBC moved Ponzi scheme millions despite warning
Fairly positive stuff:
Flattering our seemingly often fragile forum egos will always be a winner too:
Monzo also prides itself on user feedback and has a busy online forum where users can raise concerns or suggest new features. If you decide to use Monzo then make sure you read the forums as it will help you get the best from the product. Being able to influence the development of your bank makes a refreshing change.
saw this today, the last part of the article was interesting
it’s interesting how easy people still fall for these types of scams, should of had red flags when your talking to your bank and they giving you information (money) of what’s in another account with another bank.
I can’t read it because it’s behind a paywall, but there’s been multiple instances of this on here recently where the person has got their money back.
So there must be more to this story.
“Lloyds” told idiot to take out a Monzo loan and transfer it to “Lloyds”
Although this ruse was quite elaborate, the crux of it was rather basic. Once the loan had been taken out, you followed instructions to move the money to a “safe account”. It was actually the fraudsters’. A real bank will never tell you to do this.
You also told me it was the fraudster that took out the loan. But Monzo told me it was in fact taken out on your device. Had the £3,000 been from your own funds, you would not see a penny back, it said. But since it was a loan Monzo has agreed to write it off as a goodwill gesture.
ohk, i didn’t realise its behind a paywall, i’m not subscribed to it i saw that article came up on google search app
I’m intrigued now. How can you convince someone to take out a loan and then move that money to a safe place?
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What is this weird signature about?
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.
i was replying to the post via email, i didn’t realise its adding extra information🤭
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.
Interesting short interviews
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!
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)