Here’s a pretty shocking story from The Guardian which was prompted by this comment -
Neville is one of the hundreds of thousands of people who have lost money to fraudsters in recent years, a victim who quickly found out that the reassurances given when you sign up to online banking are worth nothing. On Monday RBS’s Ross McEwan caused a storm when he claimed that it is not banks’ responsibility if customers are defrauded in such circumstances. The bank boss – who as part of his role also runs the NatWest brand, which has 24 million retail customers – said he didn’t think the bank had “a duty of care” to victims. They should accept the blame and not expect automatic refunds, he argued.
Following on from that -
Log on to make an online bank transfer and you are asked for the account number, the sort code, and the account holder’s name. What you won’t know is that the name is irrelevant. You can put any name on the transfer – try Mickey Mouse – and the payment will still go through. This, and the advent of the faster payments system, which allows stolen money to be moved through various accounts unchecked in minutes, has enabled fraudsters to get away with it. The banks have long known this is going on but have done nothing to stop it.
Even putting the liability to one side, there must be an opportunity for Monzo to do better than this?!