Monzo scams, reimbursements, and customer complaints

Have you been caught in a Monzo fraud scam? Contact us now and start the journey to reclaim what belongs to you.

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Ways we support you in Monzo bank fraud situations

Cases of bank fraud are increasing, and Monzo is among the banks where customers are impacted.

InterClaim Alliance can help

At InterClaim Alliance, we assist clients who have lost money due to scams or fraud, especially when refund claims have failed. Our recovery team is skilled in retrieving funds that banks often cannot recover, particularly in cases involving cryptocurrency or other digital assets.

Track and monitor

If you’ve lost money to a fraudulent payment within the past 6 years, we can help trace and recover your missing funds.

Why InterClaim Alliance?

So far, we’ve recovered more than $35 million for our clients. With free consultations and a no win, no fee policy, we’re ready to help you reclaim your lost funds. Keep reading to learn how we can assist you.

Different kinds of Monzo bank fraud

App scam

Authorised push payment (APP) fraud is one of the fastest-growing scams, with losses reaching around $145 million in the first half of the year—44% higher than the same period in 2023. APP fraud occurs when scammers deceive individuals into transferring large sums via bank transfers. They often impersonate a trusted contact or a bank representative, claiming you’ve been defrauded and must move your money to a different account for protection. They pressure you to act quickly, but in reality, they are tricking you into sending funds directly to their account before disappearing and cutting off communication.

Phishing scam

Phishing scams are a frequent threat and have targeted Monzo customers before. Scammers exploit the digital nature of banking to deceive victims into revealing sensitive details, such as confirming their identity or adding extra security. Victims might be asked to upload a photo of themselves or official ID, like a passport or driver’s license, or click a link to submit this data. Scammers often send messages that appear to come from the bank, blending in with genuine communications to seem authentic. They may also call using tactics that make their number look like the bank’s official line. These sophisticated methods are designed to build your trust, prompting you to share information or carry out transactions they request.

Increasing

Recent research revealed that 141 out of every million Monzo transactions were fraudulent, with money going straight to scammers — the highest rate among major banks. This puts Monzo customers at the greatest risk regarding their accounts. Additionally, Monzo was the least likely to refund scam victims, reimbursing only 6% of cases. That’s where we come in. If you’ve lost money due to fraud on your Monzo account and were told recovery isn’t possible, we can assist in recovering your funds.

FAQs

  • What is Monzo?

    Monzo is a fully digital bank that operates exclusively through an online app. It provides full current accounts for both personal and business use, along with integrated savings accounts. Known for being quick and simple to set up, Monzo markets itself as a fun and easy banking option. However, as a purely online bank, it faces a wide range of scams and fraud schemes aimed at its digital customers.

    Monzo is considered as secure as traditional banks, being protected by the Financial Services Compensation Scheme (FSCS) up to $85,000. Still, this protection doesn’t guarantee compensation for customers who lose money due to Monzo-related scams or fraud.

    Among major banks, Monzo has one of the lowest refund rates and has not officially signed the CRM Code. Nevertheless, the bank has publicly committed to following the code’s principles and guidelines, promising to investigate and refund fraud cases similarly to code members.

  • Is bank fraud possible through online banking?

    Yes, bank fraud can occur online, but there are ways to protect yourself. If your bank details are compromised—through card theft, data leaks, or malware—unauthorised transactions may happen. That’s why you should immediately freeze your card if it’s lost, even if you simply misplace it. If you find it later, you can easily unfreeze it.

    To lower the chance of fraud, avoid using public Wi-Fi for online banking or shopping, as hackers may intercept your information. Use strong, unique passwords and regularly review your account activity for anything unusual. Being vigilant with your online habits can help safeguard your money.

  • What steps should I take if I suspect I’m a victim of bank fraud?

    If you suspect bank fraud, act quickly. First, get in touch with your bank right away—they might be able to halt the payment before it’s processed. Even if the transaction has gone through, they can still investigate and guide you on what to do next.

    Then, update your banking passwords to block any further unauthorised access. It’s also important to report the fraud to the authorities, who may hold valuable information about the scammers.

    If your bank is unable to recover the funds, InterClaim Alliance can assist. OurCanada-based team focuses on fraud recovery and will work hard to retrieve your money.

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