Joseph Robertson

We've partnered with Open Banking Expo to bring you this brand new report: Rising to the Fraud Challenge 2024. Explore the fraud landscape with industry statistics and crucial insights from Pay.UK and senior executives at Bottomline. Download your copy now ➡️ https://ow.ly/FpS850RMUlq. #FraudPrevention #BankingTech #DigitalPayments #FintechReport

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Some bank holidays are based on cultural dates or religious festivals not everyone celebrates. So if you work at Monzo, you can book time off for dates that matter to you. That might be an official bank holiday – or not! So if you want, you can take time off to celebrate Eid or Diwali without using up your annual leave. You can avoid travelling during the school break by working over Easter. Or you can take an extra day off after a hen/stag do, because sometimes you need a holiday to recover from a holiday. It’s up to you. In our customer operations teams, you get the full holiday balance by default, then you can request the dates you want to take off throughout the year. In other areas, it's your choice to be off on bank holidays or opt out if you want.

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Monzo's proposed new features for fraud are amazing 📌 Known locations or "leave your money at home." Places you're comfortable moving large amounts of money but fraudsters are unlikely to access 🤝 Trusted contacts. If a large transfer is requested your trusted friend must approve. Hugely helpful if your phone is stolen or for vulnerable folks. 🔐 Secret QR codes. Print out a QR code and keep it in a safe place to scan when needed.If these aren't available the fallback is step up KYC. All of this is possible with the right user device signals + some imagination Kudos to our friends in the fraud squad 🐟 trying to make things a bit better every day

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Keeping your cash safe from fraudsters just got a whole lot cooler with Monzo Bank's new features! As a Monzo Bank user myself, I'm pretty dazzled by these innovations. Monzo Bank has rolled out three fantastic new tools to boost fraud protection for its customers. Here’s the lowdown: - Known Locations | Set up specific safe spots like your home or workplace for high-value transactions. Trying to transact outside these zones? Blocked! - Trusted Contacts | Got a Monzo pal you trust? Designate them to verify large transactions. They’ll review and flag anything fishy, adding an extra layer of security before the deal goes through. - Secret QR Codes | Generate a secret QR code, print it, or keep it on another device. Scan it with the Monzo app to authorise big transactions. Another step for securing those hefty transfers! These cutting-edge features are Monzo Bank’s answer to the rising tide of #financial #fraud, tackling phone theft and impersonation scams head-on. They're setting a new standard for digital security in mobile banking. Expect these features to hit all user accounts in the coming weeks, underscoring Monzo Bank's commitment to keeping your money safe. Enabling you to relax with the confidence that your money is secure! Now, where are my cucumbers? Monzo Bank TS Anil #FraudPrevention #DigitalBanking #Fintech #CyberSecurity #MobileBanking #Innovation #BankingSecurity #CustomerProtection

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Want to become your own boss? Download The StartUp Kit to access all the tools and tips you need to succeed: ✅ Learn the base ingredients required for a start-up ✅ Support your idea with a plan ✅ Start making sales Download now ➡️ https://ow.ly/lNtg50Rp7Ne Monzo Bank #StartUpUK

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Is it just us, or has the Monzo Bank x Greggs collab taken over your feed today? 👀 For all the marketers out there, our SocialMinds podcast episode with Monzo’s social media lead Richard "richard cook" Cook might not tell you how this collab came about (at least, not YET...Greggs, you know where we are if you want to make SocialMinds x Greggs happen.) But it WILL tell you:  💳 How Monzo makes people want to follow a bank on social  📈 How to turn tracking into shareable content  🤪 Why corporate brands should embrace their playful side 🎧 Listen now: https://lnkd.in/ebPBN2jn 

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It's Monzo Bank strategy breakdown time!🥳 (Read to the end to find out how you can incorporate similar tactics into your strategies)! We're really excited to share this one with you! Monzo's strategy is very different to others in their industry, which is what makes it so interesting. 🤩 Their tone of voice is super relatable and targeted to their younger audience, and their content is created strategically to resonate strongly with this audience. Swipe through the post to learn about the building blocks behind their strategy, and why they've taken the route they have. ✨ In any industry, especially in the heavily regulated financial sector, it's crucial to stand out with marketing efforts. Monzo's distinctive approach highlights the importance of innovative strategies in capturing consumer attention and setting themselves apart from competitors. This post is in no way affiliated with Monzo! We're just fans of the strategy. How you can incorporate similar tactics into your strategy✨: → Craft a strategy that makes you stand out. What approach can you take that's different from your competitors? → Get to know your audience and their interests on a deeper level. This will help you create content that resonates with them. → Educate your audience on interesting topics surrounding your industry, to position yourself as experts, and build trust with your followers. Got another brand in mind that you'd like us to break down? COMMENT it below! ⬇️

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A decade of Monzo and Starling: is it time to give them a try? It is ten years since the arrival of the digital banks Monzo and Starling. Their aim: to take on the big four of Barclays, HSBC, Lloyds and NatWest. These newcomers had no branches or cash machines, they were phone-only, offering intuitive apps and colourful debit cards, and promising superior service. Customers flocked, but profits proved harder to come by. Monzo has never posted a profit and reported a £116.3m pre-tax loss in the year to February 2023. Starling’s first full year of profit was in the year to March 2022, when it reported a £32m pre-tax profit. Things are looking up, though. Starling followed up with another year of profit in 2023 and Monzo expects to be fully profitable this year, with annual results for both due in the next few weeks. So, after a decade, it seems as though these challenger banks are here to stay. We look at how they have shaken up an industry 👇

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WE’VE PUBLISHED OUR FY2024 ANNUAL REPORT 🎉 🚀 We recorded our first full year of profitability, achieving a pre-tax profit of £15.4m. A mega milestone on our mission to make money work for everyone!  📈 Revenue increased 2.5x to £880m thanks to growth across all areas of the business.  👥 Our total number of customers increased 31% to 9.7m and we’re the UK’s 7th largest bank. 💰 Customer deposits grew 88% to £11.2bn, and card spend increased 42% to £47.8bn. 🏆 Customers voted us #1 bank for Overall Service Quality according to an independent survey that the Competition and Markets Authority asks Ipsos Mori to carry out each year in Great Britain. 💪 We closed the sector’s largest European capital raise of the past year, raising close to £500m in new investment in a round led by Alphabet’s independent growth fund CapitalG. It’s been a brilliant year and we’re so thankful for your support along the way – we can’t wait for what’s next! https://lnkd.in/exubAMr6

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🚨Gift Card Scams: What You Need to Know 🎁 Gift card #scams are on the rise and can be incredibly deceptive💰 As Paul Maskall, Strategic Fraud Prevention and Behavioural Lead for UK Finance, says: "The emotional side is really important. If I'm a criminal I'll try and create a response to get you to do what I want." How Gift Card Scams Work 🎁 The scammers will often try to take advantage of your good nature by: 👭 Posing as a friend/family in need 🏆Claiming you've won a prize but need to pay fees first 👮‍♀️Impersonating authorities like the DVLA or HMRC demanding payment Their goal? To get you to buy #giftcards and share the codes, so they can drain the funds 😲 Maskall warns, "You might have 'won' a prize or a lottery, and the scammers will say you need to authenticate this, so go and buy a certain amount of gift cards and then give us the codes to unlock your prize." 🚩 Red Flags to Watch Out For 🎯 Urgency and pressure to act quickly 🎯 Requests to buy specific gift cards 🎯 Asking for codes from the back of gift cards 🎯 Unusual payment methods for bills/fines As Maskall advises, "Legitimate organisations won't do that – and they won't have an issue in you getting in contact with them to check." 💡 How to Protect Yourself 1️⃣ Slow down and think critically before acting 2️⃣ Verify requests through other channels 3️⃣ Never share gift card details with strangers 4️⃣ Report any suspected scams immediately "Stop, take that moment - take five - and reflect on that situation and challenge it. Challenge your own emotions," says Maskall.

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📍Known Locations, 👥Trusted Contacts and 🤫 Secret QR codes - some great innovation by Monzo on their payment fraud controls! 👏 #fraudprevention #paymentfraud #fraudcontrols #innovation

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Monzo Bank has introduced an optional security feature that allows you to set daily allowances for bank transfers and withdrawals from an Instant Access Savings Pot. If you want to exceed your daily allowance, you will need to pass an additional security check, which can be one of three suggested controls, implemented alongside Monzo's existing biometric and PIN authentication checks. To make things flexible and I assume easily adaptable, we are encouraged to set up at least two of the three controls, providing a backup option. If you are unable to pass any of the additional security checks, you can still access your money by confirming your identity through a short selfie video. “The three new controls include: 📍 Known Locations Users choose a specific location from which they plan to send large sums. Monzo recommends users use their home, office, or any location that fraudsters may not be able to access. 🏠 Trusted Contacts Users will ask a close friend or family member who also uses Monzo to double check bank transfers and savings withdrawals that total more than the user’s daily allowance. The user will need to consent to their selected friend or family member seeing some details about their funds transfer. After consent is received, Monzo will ask the friend or family member to confirm the user’s identity and verify that it looks safe by calling the user. 🔐 Secret QR codes Monzo will email the user a confidential QR code to print out and keep in a safe digital location, or store digitally on a stationary device. The QR code includes a high-security password that only works with their account and does not include any personal information” It’s reassuring to hear security teams walk the talk on trust and customer safety. The team said they had to think carefully about how to add a new layer of (optional) friction over our existing security measures, to help stop fraudsters and reassure customers. While still making sure people could make payments and move money in a way that’s easy to use and convenient. If that’s not deep thought and care coming through in a design and product development process, I rdon’t know what is..

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⁉️How do I prove who I am to open a savings account?⁉️ When you're applying for a bank account in the UK, you'll usually be asked to prove your identity and address. Different banks and building societies accept a range of ID for providing this proof. Its most useful for new applicants to take a look at what is accepted before you apply. Typically you can prove who you are using a Passport, Driving Licence or EU ID card. A recent utility bill, bank statement, tax documents or a driving licence (if not used to prove your identity) can most often be used for proving your address. Here at Cascade we are well versed in what is required and by when for hundreds of banking providers. This saves our clients a significant amount of time and helps get their cash working harder quicker. Give us a call on 0800 054 1414 and see how we can help you to reduce time, improve your returns and maximise your safety.

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Monzo Bank new fraud prevention features are game-changers. Here's a breakdown: 📍 Known Locations - Only transfer large amounts of money from places you trust. Fraudsters can't access your funds if they aren't near your known locations. 🤝 Trusted Contacts - For large transfers, a trusted friend must approve the transaction. This is especially useful if your phone is stolen or for protecting vulnerable individuals. 🤫 Secret QR Codes - Print a QR code and store it securely. Scan it when needed for additional security. If these options aren't available, the fallback is enhanced KYC (Know Your Customer) verification. 🧠 Thoughts - These features leverage smart devices and user behavior tech. However, user education and experience are crucial. - I love how Monzo announces these innovations to their community. Can you name another large bank that does this effectively? - Big banks often talk about "trust" but rarely innovate with features like these. - I predict it won't be long before other big banks adopt these features. Let's raise the bar in banking security!

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Monzo Bank is enticing customers to shell out for a new range of premium accounts, offering benefits such as a free weekly snack at Greggs and discounted train travel. The new subscription plans - Extra, Perks and Max - follows a study conducted among more than 45,000 customers to understand what works best for them, alongside research into their everyday spending habits. The bank says the aim is to offer premium services that customer can benefit from daily. One of the new benefits on offer is a free weekly hot drink or snack at high street chain Greggs - where 2.3 million customers together spent over £70m on their Monzo cards in 2023. The bank has also partnered with Trainline to offer discounted rail cards after finding that customers made 13 million transactions using the travel company last year, spending a total of £244m. Fernando Fanton, chief product officer at Monzo, says: “Whether it’s Monzo’s top savings rates, a weekly treat from Greggs, travel insurance, breakdown cover or even more tools to supercharge your budgeting, we’re on a mission to make every pound and penny go further for our customers. We’ve designed Extra, Perks and Max with their feedback, hearing what matters most to them - and we know they’re partial to a sausage roll given they spent a collective £70 million at Greggs last year!” Source: https://lnkd.in/e6KNXv42 #banking #neobank #digitalbank #monzo #challengerbank #bank #banking #bankingindustry #bankingtech #fintech #financialtechnology #futureofbanking

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Monzo Bank introduces trio of new fraud controls. Monzo has introduced a trio of security controls to help customers diminish the prospect of fraudulent payments out of their accounts from phone theft, shoulder surfing or impersonation scams. The controls, which are called Known Locations, Trusted Contacts and Secret QR codes, are opt-in for customers and will be rolled out over the coming weeks. Customers need to have at least two of these controls set up and can choose the limits at which each control is activated when making bank transfers or instant access savings withdrawals from pots. For Known Locations, customers choose places like home or work that they need to be in when making bank transfers or savings withdrawals over their chosen limit. If they are outside of their chosen known location, the transfer will not complete. Customers can also invite a trusted friend or family member who uses Monzo to help check whether a transaction over their chosen limit looks safe or is suspicious before they make the transfer or savings withdrawal. Source: https://lnkd.in/eyADznTz #banking #bankingindustry #bankingtechnology #bankingtech #payments #digitalpayments #fintech #financialtechnology #financialservices 

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Monzo Bank joins Post Office Ltd Banking Framework with cash deposits for Monzo Customers nationwide. Post Office has partnered with Monzo, the UK’s largest digital bank, to further expand its Everyday Banking services with the introduction of cash deposit facilities for Monzo customers across all Post Office branches nationwide. This new service introduces an additional, convenient and accessible way for Monzo customers to deposit cash. With cash payments increasing for the first time in over 10 years according to the latest data1, the nationwide coverage of the Post Office means 99% of the UK population live within three miles of a branch and 90% live within one mile so everyone has ready access to cash services. The service is now live so all personal and business banking Monzo users can conveniently deposit cash into their accounts at any Post Office branch using their debit card and have the money available in their account instantly. Source: https://lnkd.in/ex-DPR47 Sign up for more news updates like this in our daily newsletter: https://lnkd.in/eskQx7Ym #fintech #banking #bankingindustry #bankingservices #banks #financialtechnology #financialservices #financialsolutions

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