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And with 2.0 banks like Monzo, the account holder gets notified of the Direct Debit setup, how much is likely to be debited, and can easily cancel it from the a
by zimbatm 5y ago
And with 2.0 banks like Monzo, the account holder gets notified of the Direct Debit setup, how much is likely to be debited, and can easily cancel it from the app. That reduces the risk of fraud quite a lot.
In exchange, it saves a lot of time both for the customer and utility provider as the risks of mistakes are reduced considerably. Invoices get paid on time.
- dogma1138 5y agoWith HSBC it’s the same, with the added security of a TUN code that is generated with a physical token for bank transfers. That said canceling a direct debit on your end even if it’s fraudulent isn’t something you should do as it can wreck your credit score in the UK since you’ll be in debt and depending on the account it can show up as a missed payment immediately even before it going to debt collector/judgement. If there is a fraudulent transaction you have to contact the bank and file a claim.