Monzo wrongly denied refunds to thousands of fraud and scam victims
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Monzo Bank wrongly denied refunds to thousands of fraud and scam victims, according to data from the Financial Ombudsman Service (FOS). In 2023, Monzo wrongly rejected 34% of over 3,000 fraud complaints referred to the FOS, the highest rate among major British banks. These complaints included authorized push payment (APP) scams, chip and pin fraud, and identity theft. While Monzo claims to have invested in fraud prevention technology, the FOS receives hundreds of fraud and scam cases weekly. In 2024, UK Finance reported a decrease in APP fraud cases but still recorded £450.7m taken by fraudsters, with £267.1m paid out in compensation. The government introduced a rule in 2024 obligating banks to refund most APP fraud victims.
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AI-ExtractedFraudsters took £450.7m from their victims in 2024, and £267.1m was paid out in compensation.
In 2024 the government introduced a new rule that obliges banks to refund most victims of APP fraud.
Last year Monzo was deemed to have made the wrong call in 34% of 3,372 cases referred to the FOS.
Monzo wrongly rejected more than 1,000 fraud and scam complaints that were closed last year alone.
Fraud has become the most commonly experienced crime in the UK, accounting for an estimated 41% of all offences.
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