General chat about all things Monzo, from the app to the current account.Share your feedback on current Monzo features, and new ideas to make things even better.Need support? Most of the features found in Monzo and Revolut, all in the same place. V ery low maximum overdraft fee. Monzo and Starling both offer simplified overdrafts; they both charge a set daily fee if you dip too far into your overdraft. HUNDREDS of thousands of Monzo users will be hit with overdraft fees of up to 39 per cent from April – and those with poorer credit score will be hardest hit. Post here if you’ve still got questions or bugs to report.Get support for building things around Monzo using our API.Get involved with the Monzo Community through special events, or just follow along on social media.Join the discussion as we share the upcoming features we’re working on!All things Money! Money-saving tips and Fintech Chat. I was shown his picture, name, full address (in south-west London), Facebook page and even photographs of the luxury goods he has snaffled with money looted from other people’s accounts and ostentatiously posted on Instagram. After that, the driver can fill up with up to £100 worth of petrol. In this case, there was an investigation, but there was no evidence the issue originated with Ticketmaster.”In Monzo’s financial crime unit at its London offices just off London’s so-called “Silicon Roundabout”, he is known as Fraudster No 1. Monzo says it knows of £56,000 worth of petrol stolen in this way. However, many people find it useful. Luckily, we were able to return the money.”Frustratingly, there are few mechanisms for banks to communicate with each other. “In the US, there is a web portal for banks to contact each other on these issues. Now, in an extraordinarily candid move for a bank, it has thrown open its doors to Guardian Money to expose the scams and brazen criminality that threaten customers – and how it is fighting back. The charge may take a day or two to be deducted from the person’s account. Online bank Monzo reveals the most common cons, from stolen cards to student ‘mules’Students are selling their bank accounts – giving someone else their account details such as logons – for as little as £50 to £100, often as they are finishing university and heading abroad for a period. Monzo says that following Sunday’s attack it had “new kill switches and triggers” in place within hours.One of the saddest scams is when an older person is conned by a cold caller posing as their bank manager. He’s utterly brazen. Monzo and Starling Bank have overdraft protection, but Revolut doesn’t. Try the in-app support articles. Only later is the £10,000 worth of petrol charged to the card, which does not have the funds and is therefore bounced. They are told there has been suspicious activity on their account and that they need to switch their money to a safer place. He was identified as a fraudster on his first attempt. The response from the fraudsters is shocking. A common cry among victims of fraud is that banks must have an electronic record of where their money has gone. It sends this to an ID verifier such as Jumio or Au10tix, which have software that checks whether the person in the ID photo is the same as the one in the selfie.I was shown pictures of one male in his 20s who made four attempts to open an account at Monzo. I was shown a screen of transaction activity that spiked around midnight on a Sunday. “But that bank [one of the biggest UK players] said it was all fine. But Tom Blomfield, the bank’s chief executive, makes a plea to students: “Don’t sell your identity. This seemed unusual, as overall only 0.8% of all our customers had used Ticketmaster.“Within four-and-a-half hours, the team rolled out updates to our fraud systems to block suspicious transactions on other customers’ cards. The card reader at the pump pre-authorises the person wanting to fill their car by taking an initial £1 payment, purely for card validation purposes.
Then it rang a few days later to say it looked like the customer had been conned. Funds held in both banks are covered by the FSCS up to £85,000. Customers can overdraw by up to $100. Here, it’s just email, Blomfield adds. Currently, Monzo has a £20 fee-free overdraft buffer, after which it charges customers in either an arranged or unarranged overdraft … “They will go on to their Twitter feed and accuse us of being scammers,” says Natasha Vernier, head of Monzo’s financial crime unit. Monzo has yet to announce any interest rate incentive for current account customers. “When we first saw pay-at-pump fraud, we had a new rule in place in five hours,” she says.Monzo requires that new account openers submit a photo of their identity document, plus a selfie video. “He loaded cash stolen from those cards on to his Monzo prepaid card, then used that to buy goods. He actually poses in pictures with his stolen gear. Monzo's overdraft comes with a 50p charge for every day your account is withdrawn, up to a maximum monthly charge of £15.50. Monzo has shared all these details with the police.