Maddie Gunn

Wow, #Monzo is pioneering and innovating Fraud Management again, making sure our valnurable ones are more secured. Always stepping forward and bringing new approaches for #scamprevention and #fraudprevention

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check below post by Tom Roberts, What steps should Tom take next? Has anyone successfully resolved similar issues with Monzo Bank? Posting for further reach and assistance from my connections.

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Was going to post about this but Simon Taylor beat me to it with a much better articulation. Like their "are we calling you" feature, Monzo Bank leading with innovation here to tackle APP scams. Personally, I think this supports the Payment Systems Regulator stance on 50/50 liability reimbursement creating a big enough stick that the industry needs to tackle the issue. With these sort of features , we would expect to see the results flow through in the performance data reporting...Bravo! Big question will be how fast can/will others adopt these sort of tools and who will be left behind and become even attractive to fraudsters?

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Monzo's 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 populations. 🤫 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. 🧠 Thoughts - All of this is possible with smart device and user behaviour tech but the user education and experience is key - I love how these are announced to a community. Show me another large bank who does that well? - You never see the big banks innovating on these types of features even though they talk a lot about "trust" being their most - I give it a year before most other big banks have copied and pasted these features. Let's raise the bar

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📈 In the state of compliance report released by SteelEye , the Chief Compliance Officer of a Multinational Investment Bank & Financial Services Firm declared: “[in response to increased fines] firms will rely on more automated technological solutions to stay ahead of the curve”. 📌 Read below the key findings summed up by Corlytics and if you'd like to hear more about how we help regulatory compliance teams, book a demo here: https://lnkd.in/em8tkASf #RegTechAdoption #StateOfCompliance #GlobalFines #ComplianceOperations #RegulatoryChangeManagement #AI #Obligations #Automation

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🚨 𝗕𝗥𝗘𝗔𝗞𝗜𝗡𝗚 𝗡𝗘𝗪𝗦: Monzo Bank expands fundraising to £𝟱𝟬𝟬𝗺 in a round that includes money from Hedosophia, according to Sky News. City sources said on Sunday that Monzo could announce as soon as this week that Hedosophia and Singapore's Government Investment Corporation (GIC) were participating in an overall fundraising worth close to £500m. The larger-than-expected round makes it one of the largest ever achieved by a British Tech company. One insider said that GIC was investing over £50m, with Hedosophia also committing tens of millions of pounds. The new fundraising was led by Capital G, the independent growth fund of Alphabet, Google's parent company. Monzo's expanded fundraising is likely to mean that it will not require any further capital if it decides, as expected, to go public in the next couple of years. The digital bank, which has millions of customers in Britain, recently secured a valuation in excess of £4bn after concluding the initial phase of its funding round. More info: https://lnkd.in/ezCGhSbS Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [ 𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁 ] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ] 

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Late Payments Just Got Real…   New UK late payment measures are here, and they’re a big deal. For large businesses, this isn’t just another box to tick. The Fair Payment Code is about to reshape how we approach trade credit and supplier relationships. What’s happening? ➔ Annual payment reporting is now a legal must—no more hidden payment practices. ➔ Gold, silver, bronze status for businesses paying faster. You’ll need to earn your spot. ➔ Directors of non-compliant companies? Think criminal prosecution, fines, reputational damage. The numbers don’t lie: ➔52% of UK small firms are hit by late payments every quarter. This code isn’t just for SMEs, though—it’s a game-changer for all of us in receivables. For credit managers: 👉 Now is the time to tighten-up processes. Think accurate reporting, transparent practices, and improved payment behaviours. 👉 It’s about more than compliance, though — I reckon this is a chance to lead the way. Imagine the impact on supplier trust, contract negotiations, and overall credit strategy if you’re a gold-standard payer? 👉 The risks are real, but so are the opportunities. Fast payments mean stronger partnerships, better terms, and optimised cash flow. I’ve seen how getting receivables right can drive real growth, and these new measures may give some businesses a push to step up….But, I’m an optimist. What does this mean for you? #ReceivablesManagement #LatePayments #FairPaymentCode

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🔍 Consumer Duty: 3 Months On, Is Your QA Process Keeping Up? It's been a quarter since the FCA's Consumer Duty regulation came into full force. As we navigate this new regulatory landscape, the question remains: Is your Quality Assurance process truly meeting these heightened standards? 🚀 Key Consumer Duty QA Focus Areas: 1. Comprehensive Monitoring: Are you consistently covering ALL customer interactions? 2. Proactive Risk Management: How quickly can you identify and address potential customer harm? 3. Fair Value Demonstration: Can you clearly show your products and services offer fair value? 4. Vulnerability Awareness: Are vulnerable customers being properly identified and supported across all touchpoints? 5. Continuous Enhancement: How are you using QA insights to drive ongoing improvements in customer outcomes? 💡 Quick Consumer Duty QA Health Check: ✅ 100% interaction coverage across all channels? ✅ Proactive identification of potential harm? ✅ Agile adaptation of QA criteria to meet evolving requirements? ✅ Comprehensive reporting on Consumer Duty compliance? ✅ Direct feedback loop from QA to training and process improvements? 📊 Evaluagent Insight: Since Consumer Duty came into effect, our AI-powered QA platform has helped firms maintain 100% interaction coverage, resulting in a 20% average increase in compliance adherence and a 15% boost in customer satisfaction scores. 🗣️ We're curious:  Three months in, what's been your biggest Consumer Duty compliance challenge? How has it impacted your QA processes? Share your experiences below! Let's learn from each other as we continue to refine our approaches to this new regulatory standard. #ConsumerDuty #Compliance #FinancialServices #QualityAssurance #FCA P.S. Struggling to maintain consistent Consumer Duty compliance? Let's chat about how AI-powered QA can streamline your ongoing adherence. Book a demo today!

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Monzo Bank is the latest tech unicorn to achieve profitable growth after years of depending on large amounts of outside funding to fuel its growth. The company has posted a very nice profit of £15m, with revenues growing 2.5x and deposits growing 88%. Of course, like many fintechs they were helped by the higher interest rates in the last couple of years. But Monzo can take credit for being at the right scale when the interest rates shifted (which they did mostly through building the best customer experience in UK banking) and for pivoting to profitable growth at the right time. I've been a Monzo customer since its alpha days and even invested a bit in one of its crowdfunding rounds, so it's safe to say I'm a diehard fan. Still, I have to say they have never been as innovative and productive as they have in the last couple of years, finally building some revenue-generating products popular with customers. We will have to see if this trend continues, as interest rates are expected to fall over the next few quarters. https://lnkd.in/eHZ5Ayf2

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⏰ Consumer Duty Reality Check: Is Your QA Hitting the Mark? With the FCA's spotlight firmly on customer outcomes, let's have an honest conversation about QA readiness... 🔍 What I'm Hearing in the Industry: "We're sampling 5% of calls" "Our QA is mainly focused on script adherence" "We'll deal with issues when they arise" "Our spreadsheets do the job" 😬 Here's the reality - Consumer Duty demands more. ❌ Common QA Gaps I'm Seeing: • Limited interaction coverage • Reactive vulnerability detection • Manual compliance checking • Delayed feedback loops • Inconsistent evaluation methods ✅ What Good Looks Like in 2024: • 100% interaction monitoring • Real-time vulnerability alerts • Automated risk detection • Proactive intervention • Evidence-based reporting 💭 Quick Self-Assessment: Can you confidently answer YES to these? • Do you monitor ALL channels for fair value evidence? • Can you spot vulnerable customers in real-time? • Are you catching 100% of compliance risks? • Can you prove consistent good outcomes? • Is your QA process delivering timely insights? 🎯 Quick Wins to Consider: 1. Map your QA criteria to Consumer Duty outcomes 2. Implement automated interaction sampling 3. Create vulnerability detection workflows 4. Set up real-time alerts for high-risk conversations 5. Build comprehensive outcome reporting 💡 Success Story: One firm recently transformed their QA to meet Consumer Duty requirements: • Moved from 3% to 100% call coverage • Reduced risk identification time by 80% • Improved vulnerable customer support • Created robust evidence for the FCA 👉 The Bottom Line: Consumer Duty isn't just another regulation - it's a fundamental shift in how we need to think about QA. 🤔 Let's Discuss: • What's your biggest Consumer Duty QA challenge? • How are you evidencing good customer outcomes? • What tools are you using to identify vulnerable customers? Drop a comment below or DM me - happy to share more insights about making your QA Consumer Duty ready! #ConsumerDuty #Compliance #QA #ContactCentre #FCA #CustomerOutcomes

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https://lnkd.in/eVUf_fxg Hot off the press 🔥 The UK’s payments regulator (PSR) has confirmed a U-turn on the maximum amount banks and Fintechs will have to reimburse fraud victims under the new regime. After announcing a two-week consultation on 4 September, the PSR said today that firms will now have to refund victims of authorised push payment (APP) fraud up to a limit of £85,000 per claim from 7 October. This cap is down from £415,000, which triggered concerns from the industry and government that it could be unaffordable for smaller payment firms and encourage new types of scams. “This was a carefully balanced decision – which provides significant protection to fraud victims and strikes an appropriate balance having regard to the PSR’s innovation and competition objectives and making sure that payment systems work well for everyone,” the PSR said. #psr #regupdate #regaffairs #fintechs #banks #banking #payments #UK

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💥 New security controls have been introduced by the team over at Monzo Bank. This trio of new measures - known as Known Locations, Trusted Contact and Secret QR Codes - will aim to provide a much-needed layer of protection for customers when making large transfers or taking out savings.   The opt-in will require customers to select at least two of the three security controls (and will be in addition to the typical biometric of PIN authentication checks they already use).   ⚖ Getting the balance of friction and convenience in payments has its challenges. Sure, consumers want it to be easy, but the industry has a responsibility to prevent fraud and adding friction is a key part of that.   Not only are banks battling with friction and convenience, but the upcoming APP fraud requirements are adding even more pressure by requiring them to reimburse victims.   😢 It's not easy!   But compliance must be embedded in a firm's culture, just as firms are constantly seeking to evolve, innovate and protect their customers. (Drop me a note if you want to chat about how to make this work 👀 ).   ( ⬇ Link to the The Fintech Times article - https://lnkd.in/e4Kcwytx ) #fraud Thistle Initiatives

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What’s in store for the future of payments?….. Well I’m not sure of the right answer but if todays event is anything to go by then Buy Now Pay Later will play a significant role. Some really interesting talks today from experts from the Payments sector at the FinTech North’s Future of Payments event, with BLNP being the main topic for discussion. I’ve got to admit I had some misconceptions about BNPL being designed for people in their young 20s paying for fast fashion. But Danielle Reed from Klarna tackled some of these misconceptions head on highlighting that Klarna’s average user is actually 37. It’s also interesting to see James Jackson and the team at Bumper UK leverage BNPL within the automotive industry to enable consumers to drive safer cars. The Motor Ombudsman found 33% of drivers were planning missing their annual service due to cost of living pressures. By offering interest free payment plans, Bumper is enabling more drivers ensure they can afford to keep their car safe without taking out credit loans. It’s unclear how future regulation will impact the BNPL industry but some further regulation could be beneficial in supporting some of the more vulnerable consumers that use BNPL services.

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"It is this idea of meeting all of our customers’ money needs in a single place and, in doing so, transform banking forever.” That’s what Monzo Bank CEO TS Anil said in a recent sit down with David M. Brear about Monzo’s strategy and today’s announcement of Monzo for Under 16s is another example of this in full effect. You can expect to see the journey in our Pulse library as soon as it's available but in the meantime, here’s what you need to know about the announcement: 🚀 Created for children aged 6-15, Monzo’s new account is “designed to empower a new generation” and “share the magic of Monzo” with a waitlist now open. 🤝 In a strategic and expected move, Monzo is looking to continue to build loyalty amongst its 9m+ customer base with a product that addresses the demand for financial education for youngsters. 💰 According to Monzo’s research, 42% of parents that discuss finances with their children want them to understand how to create a budget. 🧠 Monzo joins Revolut (Revolut <18 - 2020) and GoHenry (2012) to name a few, in an ever-expanding landscape of financial management and education for children. 🤔 Monzo for Under 16s is “free for every child” with no sign-up, top up or subscription fee. Revolut <18 is included in both Premium (£6.99/month) and Metal (£12.99/month) plans while GoHenry costs £3.99 per child with some additional fees.

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Countless press articles over the past few days covering Monzo Bank posting its first annual profit of £15.4m since launching in 2015 (including this latest one from the Financial Times below) The business is now valued at $5.2b. Lot's of questions (mostly dodged!) about the potential of a London listing or the prospect of a US listing with a growing US focus. Also confirmation that it’s in the early stages of expanding into the broader European market via a new base in Ireland which is exciting. The company said that it expects to grow its customer count to 11 million in the coming year under the leadership of TS Anil. The UK neobank scene appears to be thriving which is great. We currently manage more than 40,000 retail investor positions in Monzo from when they invested in the company between 2016 and 2018. Investors who participated in the 2016 round came in at a pre money valuation of £23.6m 😎 https://lnkd.in/eHcsex_u

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Monzo Bank recently introduced a new location-based fraud prevention feature. It’s a smart move. We’ve seen our financial services customers get tremendous results by using our location intelligence to prevent fraud. But a word of advice to others like Monzo Bank that want to leverage location in this way: To make location intel effective for preventing fraud, here are two critical questions you need to consider: 1️⃣ Can you detect location spoofing? When a new fraud prevention feature comes into play, fraudsters start looking for cracks. With location-based features, location spoofing is the most obvious vulnerability. If you can’t detect location spoofing, your solution is dead in the water. That’s why tamper-resistance is a must. But you also have to think about precision, which leads to the second question: 2️⃣ Is your location data precise enough to avoid false positives? If you’re using an imprecise form of location data like GPS (not even going to mention IP)... You could create a lot of false positives. Imagine a fraudster that lives in an apartment building. If you don’t have apartment-level precision, you might have to block the building’s whole footprint to block one fraudster. That’s a lot of good users that become collateral damage. I’m excited to see more people wake up to the potential of location for fighting fraud 💪 But you have to have an answer for location spoofing. And it has to be the right kind of location data.

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Into my 4th month at Trust Payments and over 16 years into working in payments and some things still manage to surprise me ................ A wholesale business with a card turnover of £10m+ chose Trust Payments yesterday. After being referred to me they moved from their current provider who had sneaked up their prices with no additional functionality over the past couple of years. We are providing them with the additional ability to accept digital wallets, open banking, multi currencies and tokenisation on their ecomm account making it easier for customers to purchase and come back to them time and time again. All for no additional cost. In fact there was a saving, always a bonus. The business moving to us doesn't surprise me but what still does is the speed of our onboarding and underwriting team. Customer submitted their application yesterday morning for an Ecommerce account with tokenisation, multi currencies, digital wallets and open banking. Virtual terminal, pay by link and 3 terminals. I was on our normal morning call with the underwriters half and hour later and it was already assigned. By 4.30pm in the same day the account was underwritten, onboarded and has MIDs. The terminals are already ordered for dispatch today all within 24 hours!! I appreciate there are others out there that 'instant onboard' but there will be no holding of funds, no delay in terminal delivery or generation of ecomm account they are ready to go this quickly for a business that a lot of providers wont deal with or delay the application due to the type of business or the size of turnover. Its surprises me as this isn't a one off its normal!! Its all because me and my colleagues have access to a friendly helpful underwriting team that helps us provide such great service to our customers by working as a team. Thank you Tom Pilling and team ❤️ If you want to discuss making it easier for your customers to pay you or you're fed up of waiting for an application to be approved drop me a message and myself or one of the team will be happy to have a chat and see if we can help #convergedcommerce #customerexperience #cardpayments #teamwork #myunderwritingteamisbetterthanyours 😉

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