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News & Knowledge » Woman’s Credit score Plummets After a Monzo Impersonator scammed her out of a £6k loan.
After falling for a sophisticated Monzo impersonation scam, a 25-year-old woman was left with a £6,000 debt and a damaged credit score.
In March 2024, Kelle Cowell of Ashford, Kent, received a call from a person impersonating a Monzo representative.
The caller advised her to transfer her money for safekeeping after alerting her to the fact that a fraudster had gained access to her account.
What happened: The Monzo impersonator
Kelle Cowell, a small business owner, received a call from someone posing as Monzo rep.
She was told her account had been compromised and was advised to transfer money to a “safe account.” The scammer convinced her to apply for a loan to block a supposed fraudulent one.
Suddenly, £6,000 appeared in her account.
Kelle reported it immediately, but the loan remained active.
Monzo assured her case would be investigated by the bank’s fraud division, but she became concerned after two weeks due to the £6,000 loan remaining in her account.
According to Ms. Cowell, she consulted the Financial Ombudsman Service, ActionFraud, and the National Debtline for external assistance.
Ms. Cowell left liable and forced to ‘pay the price’:
Ms. Cowell was advised not to repay the loan as she would be liable once paid, but later, Monzo discovered the loan was her responsibility and requested repayment.
Leaving her with a monthly debt of £150 a month plus interest. Kelle stated, “I felt helpless.”
Despite seeking help, her credit score plummeted from 995 to 637 because she had technically missed repayments, which was “really stressful.”
Adding “Everyone falls for a scam at some point, and you expect it to be dealt with quite quickly; that just was not the case for what happened here. I felt let down, alone, and scared as I was going up against a big corporation.”
Resolving the financial scam:
However, on May 27, Monzo was able to resolve the matter, and Ms. Cowell stated that she could reimburse the funds. Additionally, the loan was closed, and her credit report was corrected.
By May 27, Monzo closed the loan, corrected her credit report, and refunded £890 (including interest and compensation).
Monzo admitted delays and apologised: “We recognize we should have resolved this quicker.”
Kelle Cowell added, “I’m glad things were resolved, and I didn’t expect to get any money back.”
“The scariest part of the scam is that they knew where I lived, they knew everything in my account – you feel vulnerable.”
Frequently asked questions:
How do I spot a scam?
How to spot scam messages or calls
Scammers pressure victims into impulsive actions, often displaying tell-tale signs such as suspicious messages or calls, requiring careful consideration of language and break-through.
- Authority: Criminals often trick victims into revealing themselves as important individuals or organizations, using phony messages claiming to be from banks, doctors, solicitors, or government departments.
- Urgency: Criminals often threaten individuals with fines or other negative consequences if they are told they have a limited time to respond.
- Emotion: Criminals often use threatening language, false claims of support, or tease individuals into curiosity about their activities, causing various feelings of panic, fear, hope, or curiosity.
- Scarcity: The message suggests a short-term opportunity, such as concert tickets or medical cures, prompting a quick response due to fear of missing out.
- Current events: Criminals often use current news stories, significant events, or specific times of year, such as tax reporting, to make their scam seem more relevant to the victim.
How do I know if I am a victim of a scam?
It can be difficult to know if you have been a victim of fraud or a scam, as they can seem very genuine. However, it might be a scam if:
- It seems far too good to be true – For example, something is much cheaper than you would expect.
- Someone you do not know contacts you unexpectedly.
- You are pressured into making a decision.
- You have a suspicion that the company you are dealing with is not real, for example, they do not have clear or available contact details.
- You are asked to provide private personal information.
How do I report a scam?
If you think you have been targeted by a scam, fraud, or cybercrime in England, Wales, or Northern Ireland, report it to Action Fraud online or by calling 0300 123 2040.
Here is a more detailed breakdown:
For England, Wales, and Northern Ireland:
Report online: Visit actionfraud.police.uk.
Report by phone: Call Action Fraud on 0300 123 2040.
Action Fraud is the National Reporting Centre for Fraud and Cybercrime.
For Scotland:
Report to Police Scotland by calling 101.
OR
If you think you may have been the victim of fraud or cybercrime and incurred a financial loss or have been hacked as a result of responding to a phishing message, you should report this to Action Fraud.
Can I get my money back from a fraud or scam?
There are options available to recover your money. Recovery of the money can be sought from the financial institution that should have prevented the fraud.
In some instances, there may also be other regulated firms involved who also could have detected the fraud and issued a warning.
You can attempt to recover the funds yourself without legal representative however there are benefits to having instructed Oakwood Solicitors to do this for you. We are a regulated firm of Solicitors, with over 20 years’ experience in financial mis-selling claims.
By using a solicitor who is a specialist in financial mis-selling claims. We aim to take the hassle out of the claims process as we do all the challenging work for you.
Can you claim your money back?
Yes. If your bank rejects your complaint, legal options still exist. Oakwood Solicitors can help pursue your fraud claim and guide you through recovery.
Further information:
Woman’s credit score plummets after she mistakenly takes out £6k loan.
Oakwood Solicitors: Have you lost money because of a bank fraud or scam.
WHAT TO DO NEXT
We provide legal and regulatory guidance to maximize your chances of recovering money efficiently. We handle the claims process, taking the hassle out and assigning an experienced claims handler to keep you informed throughout the process.
If you or a loved one have suffered from financial fraud, please get in touch today for a no-obligation consultation. Choose one of the methods on the right-hand side of this page or call us on 0113 486 2589.
Danielle Lightfoot is a Director and our Head of the Financial Litigation Department. Danielle joined the firm as a Paralegal in 2011 and qualified as a solicitor in October 2014. She has acquired ext…
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