Challenger banks Revolut and Monzo have topped the rankings for fraud and scam complaints filed to the Financial Ombudsman Service (FOS) as Brits flock towards digital offerings.
Fintech juggernaut Revolut received the most amount of APP fraud complaints referred to the FOS at 1,875. Monzo scored third at 1,063.
It comes as the pair continue to swell their UK customer bases in their bids to disrupt the banking landscape.
But, even with growing users, both are still dwarfed by Barclays’ 20m retail customers. The banking giant had the second highest APP complaints at 1,161. Monzo has 13m users in the UK and Revolut 12m.
Complaints to Monzo which were referred to the FOS held a 41 per cent uphold rate – meaning the watchdog investigated the case and agreed the customer was entitled to compensation due to the business acting unfairly.
You can buy KYC documents for Revolut/Monzo very easily tbh, we should start limiting opening bank accounts online for those with no NIN to stop that.
They’re not even committing crimes with them, they’re just doing it so they have a nice card in Apple Wallet.
I’ve just had a mind bending experience with Revolut - probably because of recent events, I’ve been asked to reverify my account, and it transpires that you need an NFC enabled phone to scan your passport, and that’s it - if you don’t - they will close your account
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