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HomeBankingMonzo announces new feature to help protect customers against impersonation scams

Monzo announces new feature to help protect customers against impersonation scams

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Monzo, a UK-based digital bank, has introduced a new ‘call status’ feature in its app to protect its eight million customers from impersonation scams, where scammers pose as trusted organizations to trick people into transferring money.

Facts

  • Impersonation scams involve scammers pretending to be from trusted organizations and manipulating account holders into transferring money.
  • These scams cost UK consumers £177.6 million across 45,367 instances in the past year, as digital banking services continue to rise.
  • Monzo, a major player in the UK’s digital banking market, has introduced the ‘call status’ feature to verify the authenticity of incoming calls, allowing customers to report suspicious incidents.
  • Priyesh Patel, a senior staff engineer at Monzo, describes this feature as an “industry-first” additional layer of security to combat increasingly sophisticated scams.
  • Monzo has joined the Stop Scams UK initiative to collaborate in preventing scams and also utilizes Mastercard’s AI-powered Consumer Fraud Risk solution to fight real-time payment fraud.
  • Mark Tierney, CEO of Stop Scams UK, welcomes Monzo’s call status feature as a crucial innovation in protecting people from fraud by verifying trusted authorities during financial phone calls.

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