Monzo, Revolut Top Fraud Complaints; Barclays Second Highest Overall
The Financial Ombudsman Service (FOS) has revealed the number of app store complaints for major banks. Monzo and Revolut topped the list for fraud complaints, while Barclays had the second highest overall. The 'Big Six' banks paid a combined £38.8m in admin fees.
Monzo had the third highest number of app store complaints referred to the FOS, with 1,063 cases. The bank's priority is to prevent fraud before it affects customers. Meanwhile, Revolut received the most fraud complaints, totaling 1,875. Notably, Revolut had a higher uphold rate for fraud and scam complaints at 37 per cent, compared to Monzo's 31 per cent. Barclays, despite having 20 million retail customers, had the second highest app store complaints at 1,161.
The FOS has introduced changes to its admin fees system. Professional representatives are now charged £250 for each case referred beyond the first ten cases per financial year. However, no public information is available about which organization paid the highest admin fees to the FOS in 2024.
Monzo and Revolut led in app store fraud complaints, with Revolut having a higher uphold rate. Barclays had the second highest overall complaints. The 'Big Six' banks collectively paid £38.8m in admin fees. Changes in FOS's admin fees system have been implemented, but the highest payer in 2024 remains unknown.
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