Monzo signs up for 159 anti-fraud service

Since its launch in 2021, the 159 anti-fraud scheme intended to offer a simplified way to connect UK banking customers safely and securely with their bank if they receive a suspicious call about their finances. Through this, Stop Scams UK aims to halt the scam journey when individuals are most at risk of being manipulated into making a payment. Even if scammers can contact an individual, the connection between them can be severed by a call to 159, before any information is shared, and payment conducted. At the time of the announcement, over 560,000 calls were made to 159, 233,000 of them received in 2023, with the organisation planning to extend its capabilities and make it a universal number offered by all phone providers, similar to 101, 111, or 999. At the moment, the telephone companies involved in 159 include BT, Gamma, Three, Vodafone, TalkTalk, Virgin Media, Sky, and O2.

Furthermore, according to Monzo’s officials, impersonation scams cost UK individuals over GBP 170 million each year. The digital bank partnered with Stop Scams UK and joined 159 to mitigate these fraudulent activities, allowing its customers to call if they have suspicions they talked to a fraudster. Additionally, representatives from Stop Scams UK underlined their enthusiasm over Monzo signing up for 159. By including Monzo, 99% of UK current accounts are covered by 159, ensuring increased safety and security. Considering its expanding use, the 159 anti-fraud phone service demonstrated an increased need for it.

In addition to the current news, Monzo recently engaged in advanced talks to sell a USD 50 million stake to Singapore’s Government Investment Corporation. The additional funding, if finalised, was set to be announced in the upcoming period. With the potential investment, Monzo was set to broaden its spectrum of shareholders. Prior to this, Monzo secured USD 431.26 million at a USD 5.07 billion valuation to expand and introduce new products. The bank’s funding round was led by CapitalG, as well as included investments from Google Ventures (GV) and HongShan Capital.

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