Monzo fraud, refunds and complaints

Have you fallen victim to a Monzo fraud scam? Get in touch and take the first step to recovering what’s rightfully yours.

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How you can recover your money from a monzo scam

How we can help with Monzo bank fraud

Bank fraud cases are on the rise, and Monzo are just one of the banks where customers are affected.

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    WRS can help

    At WRS, we help clients who have lost money through scams or fraud, or where a refund request has been unsuccessful. Our recovery team has great experience in recovering lost funds that otherwise might have been unobtainable by your bank, particularly if your case is related to crypto or other digital currencies.

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    Track and trace

    If you’ve lost money through a fraudulent payment in the last 6 years, then we can look to trace and recover your lost funds.

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    Why WRS?

    We’ve recovered over £35 million for our clients so far and, with our free consultations, we can work with you to recover your lost funds on a no win, no fee basis. To find out more about how we can help you, read on.

Types of Monzo bank fraud

App fraud

Authorised push payment (APP) fraud is one of the quickest growing scams, with around £145 million lost in the first half of the year – 44% higher than the same period in 2023. APP fraud is when a scammer tricks someone into sending them large amounts via bank transfer. They will likely pose as a trusted person or as someone from your bank and claim that you have been the victim of fraud and that, to protect your finances, you need to move money into a different bank account. They will pressure you into acting quickly but in reality, this will be the scammer asking you to send the money directly to their bank account, before disappearing and ignoring all further communication.

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Phishing scam

Phishing scams are a common scam and have been used to target Monzo customers in the past. Scammers will use the digital banking aspect in an attempt to trick the victim into sharing sensitive information, for example, to confirm their identity or to add further security to their account. Victims will be asked to upload a photo of themselves or a form of identification, such as a passport or driving licence to confirm their identity, or click through a link to submit this information. Scammers may also send messages which give the impression that they are contacting the victim on behalf of banks. The messages may find themselves integrated amongst other legitimate messages received, giving them the appearance of being real. The scammer may also call you and use clever tactics so that the phone number appears as the real bank phone number. These elaborate tactics are all used so that you trust the caller and give them the information they require, or make the transactions that they request.

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On the rise

Recent data found that 141 of every million Monzo transactions were fraudulent, with the funds being sent to scammers – the highest rate of any major bank. This puts Monzo customers at the most risk related to their bank accounts. As well as this, they were also found to be the least likely to offer a refund to scam and fraud victims, with just 6% of victims refunded by the bank. This is where we can help. If you have lost money as the result of fraud within your Monzo account and have been told there is no recovery option available, then we can work to help recover your lost funds.

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Why WRS?

Supporting you is our priority. That’s why we provide personalised plans and care around the clock to our clients.

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Meet the specialists by your side

Recovering over £40,000,000 for clients like you

Over the past 3 years, we’ve recovered more than £40,000,000 for our clients. It’s thanks to our team of solicitors and recovery claim specialists who trace and recover the investments you’ve lost from scams. Plus, we offer a no-win, no-fee service. You won’t pay a thing unless we recover your money.

Trusted by thousands

Join satisfied clients who’ve recovered their lost funds with WRS.

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Call on us for guidance and support 

Falling victim to fraud can be overwhelming and distressing. You deserve expert guidance and support every step of the way. That’s what we’re here for.

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Frequently asked questions

  • What is Monzo?

    Monzo is a digital bank which operates solely through an online banking app. It offers full current accounts for personal and business use, as well as integrated savings accounts. It is a banking account that is very easy to set up and use, promoting itself to be a fun and easy way to bank. But, as it is a sole online banking entity, this then attracts a whole range of different scams and fraud schemes targeted towards its digital users.

    Monzo is seen as being as safe as any other bank, as it is protected by the Financial Services Compensation Scheme (FSCS) for up to £85,000. However, this doesn’t mean that it always provides compensation for customers who have lost money to Monzo scams and fraud.

    Monzo has one of the lowest refund rates amongst the major banks and, currently, it has not officially signed up to the CRM code. They have, however, said in a public statement that they will adhere to the guidelines and principles, meaning that they should be investigating and refunding cases of fraud and scams in the same way that code signatories do.

  • Can bank fraud happen with online banking?

    Unfortunately, bank fraud can occur with online banking. If someone has your bank details (whether from your physical card or they have been stolen by malicious data thefts), they can make online payments using your card. So, if you lose your card, it’s important that you freeze it as soon as you realise, even if you think you may have left it somewhere, as you can simply unfreeze it if you do find it.

    Also, to prevent your banking data from being stolen as a form of banking fraud, you should not shop online or use your banking apps if using public Wi-Fi, as this could leave your card information exposed. There are all kinds of different ways that stolen data can be utilised, so make sure that you take precautions to prevent this. You should also regularly monitor your account activity and use strong passwords for all of your accounts to prevent bank fraud.

  • What to do if I think I’m a victim of bank fraud?

    The very first thing you should do if you think you’re a victim of bank fraud is to contact your bank. The payment may not have gone through and it could be stopped, so this should be the first step. Your bank may be able to help identify whether or not it is fraudulent, and if it does turn out to be legitimate, then they can advise you that it’s safe. No matter when you realise you think you may have been scammed, call your bank straight away.

    The next thing you should do is change your banking passwords, to ensure that if someone does have your data and has used it for bank fraud, you’re doing everything you can to prevent them from doing further damage.

    After this, you should report the fraud to the authorities. Fraud offences are investigated by the police and they may have useful information based on what you tell them relating to who may be scamming you.

    If your bank is unable to retrieve the money, you should contact us at WRS, as we have experience in helping to recover money lost through banking fraud. Get in touch with us to speak to one of our UK-based lawyers.

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