20% discount if you mention Monzo to him too.
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You can be pedantic with my choice of words if you wish. What I mean to imply is that there is clearly significant noise from frustrated and often angry ex/frozen customers relating to their personal experience with Monzo; so much so it is making national press. If you chose to believe this is some sort of conspiracy that’s your prerogative. Something is happening here that isn’t experienced elsewhere in the same scale. Hold your hands to your ears as tight as you wish.
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No I haven’t. I just don’t have an answer for you regarding why this happened.
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Nothing at all you could think that triggered it? Nothing that was against the TOS that changed it from a routine 10 mins freeze and check, through to the compliance teams and finally onto a full account closure?
You see why I’m struggling right? It must be so frustrating being this unbelievable.
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Not being pedantic, I genuinely want to know and I hope someone can produce the stats
As a regulated bank the FCA sees these and obviously has no concerns
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I’m not frustrated, I just thought I’d join the conversation to try and give a measured discussion/reply to those who were looking for answers. Clearly people feel invested in the brand and are subsequently protective over it. If I had an answer for you, I would provide it. Short of providing you a definitive list of all my financial history and the limited contact I had with Monzo after the event, I can’t really help you in your quest for an explanation. I hope they learn from all of this and move on. I’m a firm advocate of the fintech companies making inroads in this industry.
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I hope over the coming days more information/statistics will be shared to answer some of your questions. I’m sure people will be working over the weekend on this!
I really doubt that.
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But you have nothing to offer? You didn’t do anything wrong but got paid lots of money for an unknown job.
How can we have a measured conversation when you aren’t forthcoming with the information we need to do so?
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A whisky for me
I think Mark has been very polite and accommodating in his responses, as much as he is willing to do so. Monzo don’t need to discuss the details at all, neither does he.
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Personally I think their entire procedure and process needs to be overhauled.Whilst they have to comply with rules they should make the experience better.(if I had my account frozen I would have taken legal advice and gone to town on them).
Compliance is one thing but being over compliant is quite another.(this is probably a personal thing)
I think dependency on a “AI” based measurement system is moronic and should be binned. I’d argue without context an AI system is basically pointless(looks at trends rather than context).all in all its a woeful attempt to implement rules and regulations, when really if you know your customers you know which ones are most likely to be using their accounts for naughty purposes and which ones aren’t.
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Needless to say, you have no idea if they have any problems with their processes and systems.
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I think this is an oversimplification of what is undoubtedly a complex system.
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For anyone that didn’t see Monzo’s talk on financial crimes, explaining how complex they can be, check it out.
It’d a good insight into why behaviours might be classified as “fraudulent”.
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Personally I’d prefer Monzo to acknowledge that they might have a problem here and at least review their volume of false positives.
I think most people realise and acknowledge the regulatory environment that banks operate in, particularly around AML, Fraud Prevention and Financial Crime. Being compliant is one thing, potentially being over cautious is another, especially if their risk adverse approach causes a lot of noise and customer complaints.
There are clearly a lot of false / positives, these will likely require a manual check before the card is unblocked.
It’s up to each individual lender how they apply rules in their anti fraud systems and every bank will be different.
Say that you are going to review your anti fraud system rules and thresholds, don’t just tell us that you are doing what you need to do from a legal perspective or to be fully compliant because that’s not completely true.
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Maybe the reason they’re not doing that is because they don’t have a problem. There’s no evidence that proves they’re doing anything worse than any other bank.
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Totally agree with your perspective. Their process needs reviewing and they need to say they are doing it. I feel their response is only fueling the frustration felt by people such as myself.
I don’t follow.
A false positive would be flagged up and then unfrozen once the required checks were performed.
If it gets all the way through the system to the NCA or the Secret Service how on Earth can we call that a false positive anymore?
Ok fair point. They can still say they are going to review their approach to fraud monitoring though based on customer feedback, without acknowledging they have a problem.