The digital bank's 'call status' tool will allow Monzo customers to check if a call from the bank is genuine – while they're on the line.
Read on to learn more about how the tool works and for advice on how to avoid bank scams.
The cost of bank scams
Bank scams can be devastating for victims, both financially and emotionally.
The most notorious type usually involves victims receiving a call purporting to be from their bank claiming there is a security issue with the account.
We've seen victims lose tens of thousands of pounds to these scams, which are known as authorised push payment (APP) scams.
New rules being introduced next year will make it mandatory for banks to reimburse innocent victims of bank transfer scams.
Find out more:Monzo's 'call status' tool
If you're a Monzo customer and you receive a call from someone claiming to work for the bank, you'll now be able to check whether it's genuine.
To do so, you'll need to log into your banking app while on the phone, go to 'privacy and settings' and check the 'Monzo status'.
If the status doesn't show you're on the phone with someone from Monzo, hang up immediately and inform the bank via the app.
Monzo says it never calls customers out of the blue, but that the new tool is designed to add an additional layer of security.
Barclays introduced a similar tool called 'app-ID' back in 2018.
When someone from Barclays calls a customer, they receive a notification on their phone to log into the Barclays app. The app then displays the name of the staff member they're talking to.
Find out more:159 service
If you receive a call from your bank that you're unsure about in any way, you should hang up and call back using the bank's official customer service number.
You'll be able to find this on the bank's website or on the back of your card.
Another alternative is to call 159. This helpline, which was introduced in 2021, connects you directly to your bank's genuine phone number, so you can be sure you won't inadvertently be calling a scammer.
What to do if you've been scammed
If you've lost money, you can make a claim to your bank for reimbursement.
Your bank may agree to reimburse you all or some of your losses, or refuse to reimburse you at all, if it concludes you acted negligently or ignored warnings. If you're unhappy with the outcome, you can appeal to the Financial Ombudsman.
undefinedsource https://www.which.co.uk/news/article/monzo-customers-can-now-check-if-theyre-on-the-phone-to-a-scammer-aOEOE2M1DotL