Monzo adds new feature to help spot scams

Monzo has added a new in-app feature which will help customers spot impersonation scams.

Fraud is still a big issue for lots of people. In fact, nearly half of young adults have been targeted by impersonation scams, according to UK Finance’s Take Five to Stop Fraud campaign.

Monzo’s latest app feature is designed to make it easier for customers to spot if they’re being targeted by fraudsters. Customers can now check their app to see if someone from Monzo is actually calling them if the person on the phone is claiming they’re from the bank.

How does it work?

If you’re a Monzo customer and the person calling tells you they work for Monzo, you can confirm this using your app. Head to “privacy & security” in settings. There you’ll see your “Monzo call status”.

If this shows that a member of staff isn’t talking to you, then the bank advises that you hang up immediately. It also asks that you report the incident so it can make a record of it.

However, if the call status says that a member of staff is currently talking to you, then you are ok to continue the call.

Can you trust the call status?

The call status feature only works when you’re connected to the internet. So if for some reason you’re not, it’s best not to take the call.

Monzo is asking customers to trust the call status. It has called out that scammers may say that there is a technical issue with it or that they’re from a specialist team that doesn’t use this feature. In those cases, it asks that you still treat it as fraud.

Is this a useful feature?

Impersonation scams are a big issue for banks and customers. In 2022, over £170 million was lost as a result of these types of scams.

A feature like this means that customers have some way of double-checking whether or not they’re talking to their bank.

However, awareness is key. If customers, don’t know the feature exists, they won’t know to check it.

What to look out for

If you’re concerned about falling victim to an impersonation scam, here are some things to watch out for.

• Receiving a phone call unexpectedly with an urgent request for you to take action.
• A message you receive links to a website that asks you to enter your details.
• Receiving an email claiming to be from a company, but the sender’s email address looks incorrect.
• A family member or friend messages you asking for money without warning.
• Receiving a message saying your bank account has been compromised and you need to take action.

If any of the above happens to you, treat it suspiciously and inform your bank immediately.