Monzo
Monzo has been named in 2 documented digital harm incidents. The most common harm domain is Fraud & Financial.
Documented Incidents
271-year-old Welsh pensioner loses £58,400 to deepfake Martin Lewis crypto scam via Facebook ad and AnyDesk remote access software
A 71-year-old Welsh pensioner, Adrian Kearney, lost £58,400 in a cryptocurrency scam that used a deepfake video of Martin Lewis, the founder of Money Saving Expert. The scam occurred earlier this year and involved a fraudulent Facebook advertisement promising high returns on a small investment. Scammers gained control of Kearney’s mobile phone after he clicked on the link and installed the remote access software AnyDesk. They then took out multiple loans in his name and drained his Barclays and Monzo accounts. The scammer, who claimed to be from a wealth management company, stopped responding after the final payment of £9,500 in early May. Kearney is now facing monthly loan repayments exceeding £1,000 and has sought legal help to reclaim his money from the banks.
25-year-old woman loses £6,000 to Monzo impersonation scam leading to credit score drop and partial compensation
A 25-year-old woman from Ashford, Kent, fell victim to a Monzo impersonation scam in March 2024, resulting in her mistakenly taking out a £6,000 loan. The scammer, posing as a Monzo representative, convinced her to transfer money and apply for the loan to cancel a fraudulent request. After realizing the scam, she contacted Monzo, but the bank initially did not remove the loan from her account. Her credit score dropped from 995 to 637 due to missed repayments on the loan. On May 27, Monzo resolved the issue, closed the loan, updated her credit file, and provided her with £890 in refunds and compensation. A Monzo spokesperson apologized for the delay and stated that the loan was canceled and interest was repaid to prevent credit score damage.