Monzo Scams
Can I get my money back?
Monzo is a fintech company with a current account banking app that operates in the UK and elsewhere. As they are regulated in the UK, if you have lost money to a Monzo scam and your account is in the UK, you may be able to get your money back from your bank.
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Refundee can help you to get your money back by representing you
Many people ask Refundee whether they can recover their money from a Monzo scam where they have received a text message that looks like it’s from Monzo. These Monzo text scams can vary but do follow a consistent pattern. In short, you may be able to recover your money, but you may need to fight for it. Recent statistics have shown that only 59% of scams are reimbursed.
MONZO SCAM
What happens in the Monzo text scam? The ‘safe account’ scam
Fraudsters used Monzo text impersonations across a large number of scams. In one scam, for example, they aim to trick their victims into thinking that they’re speaking to Monzo bank. They find out that you’re a customer, sometimes through a phishing SMS, and then contact you pretending to be Monzo.
They use a technology called ‘spoofing’ to give the impression that a text message that they (the fraudsters) have sent you appears to come from Monzo. It will be received into the thread of other SMSs that you have genuinely received from Monzo, so it looks real. They may also call you, and the phone number appears to come from the same number on the bank of your card. However, it’s not Monzo, it’s fraudsters.
Through an elaborate story about compromised accounts or urgent security issues, they will trick you into sending your money to a ‘safe account’ in order to protect it. However, once the money has been sent, the fraudsters control it. You can find out more about ‘Safe account’ scams and how we can win your money back on Monzo scam text frauds on our website here.
TEXT SCAM
The ‘sim swap’ scam
We’ve had other customers impacted by the ‘sim swap’ scam following a Monzo card scam text. It’s something that Which? have warned about in their article here.
In these situations, you get a call that appears to be from their phone provider or from Monzo directly. They tell you that they need to speak with you, but you need to confirm your identify first to pass security. They will then send you a Monzo card scam text, which appears to be from Monzo as it is received into the same thread as your other Monzo SMSs. It will contain a code that they ask you to read out.
Once the fraudsters have the code, they perform a ‘sim swap’ where they move your account on to a new sim card, which is on their phone. They can then approve payments from your bank accounts, and may be able to steal your money.
MONZO COMPLIANCE
Has Monzo signed up to the CRM code?
This isn’t a simple answer. Technically, Monzo has not signed up to the Contingent Reimbursement Model (CRM) code. However, they have said publicly that they agree to adhere to the principles, which means that they should investigate and refund cases of fraud in the same way as signatories of the code do.
MONZO CONTACT
What should I do if I receive a call or SMS from Monzo?
The safest thing to do is to hang up (if you’re already speaking to them) and call them back using the number on your card. Even if they seem to know everything about you, you cannot be sure that you’re speaking to Monzo unless you call them. To avoid Monzo scams, including Monzo text scams, this is certainly the safest option.
SCAM REIMBURSEMENT
Can I get my money back if I have already been scammed?
If you have lost money to APP fraud from your Monzo account, Refundee could help you get your money back from your bank and you can fill in our fraud refund claim form for a free consultation. Our fee is 15% plus VAT on anything that we get back, and we don't charge anything if we are not successful. For larger cases, the fee is subject to a maximum of £10k plus VAT per case.
Remember you don’t need to use a company like Refundee, you could work your case yourself for free! If you’d like to get a refund yourself, you can do this by following our bank transfer refund guide.
Customers often ask if they can get money back if they paid by bank transfer, or if they can get money back if they pay by BACS. The answer is yes, victims of scams may be able to get their money when they paid by either of these methods.