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Monzo announces new feature to help protect customers against impersonation scams

September 7, 2023

An impersonation scam is when a scammer makes contact with an account holder, typically by calling them, and pretends to be from a trusted organisation to manipulate them into transferring them money.

As the rise of digital banking services continues, so too does the risk of fraud, and according to UK Finance, this type of scam cost UK consumers £177.6 million last year across 45,367 instances.

As one of the largest players in the UK’s digital banking market, Monzo is introducing a new feature this week that enables its customers to check whether or not it’s really the bank calling.

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