Digital bank Monzo has gone live with a new tool to help customers avoid falling victim to impersonation scams.
In brief:
-It aims to protect customers from impersonation scams
-Customers will now be able to verify in the app whether the person calling is truly from the bank or whether they're a criminal
-The new, first-of-its-kind tool sits inside the app and aims to provide customers with an “additional layer of comfort and security” by verifying whether a call ‘from Monzo’ really is from Monzo.
What does this mean?
“Impersonation scams are an industry-wide problem and becoming increasingly sophisticated with tens of thousands of people each year convinced to transfer funds out of their accounts and into the hands of fraudsters,” Monzo senior staff engineer Priyesh Patel said.
