Monzo Introduces industry-first ‘call status’ tool to Combat impersonation frauds

Monzo Introduces industry-first ‘call status’ tool to Combat impersonation frauds

Monzo Introduces “Call Status” Tool to Combat Impersonation Scams

Introduction: Monzo, the digital bank, has taken a pioneering step in the UK banking sector by launching a unique “call status” tool aimed at protecting its customers from impersonation scams. This innovative in-app feature provides users with real-time information about incoming calls, enabling them to discern whether the call is genuinely from the bank or a potential fraudulent attempt.

Preventing Impersonation Scams: Impersonation scams involve criminals posing as trusted organizations such as banks or utility providers to manipulate individuals into making urgent financial transactions or divulging personal and financial data. These scams have led to significant financial losses, with over £177 million reported lost to such scams in 2022, according to UK Finance.

Traditional Advice and Monzo’s Solution: Traditional advice for banking customers is to terminate suspicious calls and directly contact their bank to verify the authenticity of the call. Monzo’s innovative tool, however, allows users to check the “call status” within the app, indicating whether a legitimate Monzo team member is currently on the call. If the call is not verified, the status message advises the user to hang up immediately and provides an option to report the attempted fraud.

Enhancing Confidence and Security: Monzo emphasized that it will never initiate unscheduled phone calls to customers, but the introduction of this tool offers an additional layer of confidence and security. This feature empowers customers to make informed decisions when receiving calls, reducing the risk of falling victim to impersonation scams.

A Forward-Thinking Approach: Monzo, founded in 2015, operates as an app-based bank without physical branches for in-person interactions. Priyesh Patel, Senior Staff Engineer at Monzo, highlighted the industry-wide issue of impersonation scams, emphasizing the growing sophistication of such scams and the need for additional safeguards.

Customer Satisfaction and Digital Banking: In recent customer satisfaction surveys, digital banks, including Monzo, maintained their position at the top, surpassing traditional high street lenders for another year. Monzo received recognition as the best provider for individuals and businesses, with rival digital bank Starling Bank closely trailing. Starling Bank also secured the top spot for best online and mobile banking services for personal accounts, highlighting the continued appeal and success of digital banking services in the UK.

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