Monzo Bank enhances fraud protection for UK customers by joining the 159 anti-fraud phone call service, covering 99% of UK current accounts and aiming to significantly reduce financial scams.
Monzo Bank has recently become part of the 159 anti-fraud phone call service, enhancing fraud protection for nearly all UK current account holders. The 159 service, operational since September 2021, links individuals directly with their bank if they receive unsolicited and suspicious financial calls, thus preventing fraud by enabling quick confirmation of the call’s legitimacy. With Monzo’s inclusion, the service now covers 99% of UK current accounts and has received over 560,000 calls, spotlighting its effectiveness in fighting fraud.
The scheme is supported by a broad coalition of major UK banks, including but not limited to Bank of Scotland, Barclays, Lloyds Bank, and Nationwide Building Society. The initiative aims to combat impersonation scams which have been identified as a significant financial threat, costing UK bank customers millions of pounds each year.
Monzo’s participation in the 159 service marks a crucial step in the collaborative efforts against fraud. Ashley Hart, a director at Monzo, has emphasized the bank’s commitment to protecting its customers from financial scams by providing a direct and efficient way to report suspicious activities. Simultaneously, Ruth Evans, the chair of Stop Scams UK, remarked on the importance of Monzo joining the 159 service, underlining the unified stance of the banking industry against financial fraud.
The message from the 159 campaign and its banking partners is unequivocal: individuals who receive unexpected financial calls should immediately hang up and dial 159 to connect with their bank’s fraud prevention service. This approach serves as a frontline defense against potential fraudsters, aiming to reduce the incidence of financial scams significantly.
