Which? responds to the news that Monzo has launched a ‘call status’ tool to stall impersonation scams

Rocio Concha, Which? Director of Policy and Advocacy, said: 

"It's positive to see Monzo coming up with innovative new ways of protecting customers from impersonation scams. This shows that all banks could be doing more to stop fraudsters from ensnaring victims.  

"Which? research has found that many banks are often wrongly denying fraud victims reimbursement after they are taken in by increasingly sophisticated scams.  

“All banks must ensure they are ready to implement the Payment System Regulator's new rules, which should lead to victims getting reimbursed in all but exceptional cases. Firms must be properly monitored to ensure they comply - with tough enforcement action for those that fall below the required standards."

ENDS