Monzo is one of the UK’s most popular digital banks because of its easy-to-use app and innovative features. Unfortunately, this popularity has made it a target for scammers. Fraudsters often misuse Monzo’s name and reputation to trick people into giving away money or personal information. If you’ve ever wondered, “Is Monzo a scam?” rest assured, the bank itself is legitimate—but like all banks, fraudsters use its name to trick unsuspecting victims.
This article will help you understand Monzo scams, how to spot them, and how to protect yourself. Keep reading for simple tips to stay safe.
What is a Monzo Scam?
A Monzo scam happens when scammers pretend to be Monzo or misuse its name to trick people. These scams can come in many forms, like fake emails, text messages, phone calls, or even counterfeit Monzo apps and websites. The goal of these scams is usually to steal your login details, and bank account information, or trick you into sending them money.
Common Types of Monzo Scams
Scammers are always finding new ways to deceive people. Knowing the most common Monzo scams can help you avoid becoming a victim. Here are some examples to watch out for:
Phishing Scams via Email or Text
Scammers send fake emails or text messages claiming to be from Monzo. These messages often include a link asking you to update your Monzo account details or fix an issue. Clicking the link could lead you to a fake website designed to steal your login details or other sensitive information.
Learn more about phishing scams and how to protect yourself.
Fake Monzo Apps and Websites
Fraudsters sometimes create fake Monzo apps and websites that look like the real thing. They’re designed to trick people into entering their login details, which are then stolen and used by criminals. To avoid this, only download the official Monzo bank app from trusted sources like the App Store or Google Play. If you’re using the website, make sure you’re on the official Monzo site before you enter any of your details.
Impersonation Scams
Scammers may pretend to be Monzo customer support staff. They might contact you by phone, email, or live chat and ask for personal information or even request money transfers. They may claim that someone has breached your account and that you need to move your money. This is a common form of authorised push payment fraud, where fraudsters trick you into making a bank transfer to a so-called “safe account.”
In the case of one CEL client, scammers impersonated a lawyer offering to help him get an educational visa to continue his studies. CEL managed to recover over £5,000 lost from his Monzo account during the visa impersonation scam.
Learn more about impersonation scams and how to recover from them.
Social Media Scams
On social media, scammers often pose as Monzo representatives offering “free” financial advice or fake giveaways. Their goal is to gain access to your Monzo bank account or personal details. Always verify social media accounts claiming to represent Monzo.
How to Spot a Monzo Scam
It can be hard to spot a Monzo scam, but here are some common signs:
Look for Red Flags in Messages
Messages with poor grammar, suspicious links, or unusual requests for money or personal details are likely scams. Monzo will never ask you to share sensitive information this way. Be especially cautious with any text message that tricks you into sending money.
Verify Phone Numbers and Email Addresses
Always check that messages come from official Monzo channels. Verify email addresses and phone numbers against the information on Monzo’s official website.
Visit the official Monzo website here.
Don’t Trust Offers That Seem Too Good to Be True
Scammers often use offers like free money or fake giveaways to trick people. If something sounds too good to be true, it probably is. Fraudsters may try to lure you with fake investment opportunities or price drops on high-value products.
How to Protect Yourself from Monzo Scams
Here are some simple steps to keep your Monzo account and bank app safe:
- Enable Two-Factor Authentication (2FA): This adds an extra layer of security to your account.
- Avoid Clicking Unsolicited Links: Be cautious with links in messages or emails. Always double-check the source.
- Use Secure Networks: Don’t log into your Monzo account on public or unsecured Wi-Fi networks.
Suspect a Monzo Scam?
CEL Solicitors can help you recover your money. We specialise in fraud recovery and work on a no-win, no-fee basis, so there’s no financial risk to you. Call 0330 057 9131 or enquire online to get help today.
Stay informed, stay alert, and protect yourself from online bank scams.
