Monzo has introduced a new feature enabling customers to set a personal timeframe for canceling mistaken bank transfers.
This capability offers a customizable 10-60 second window, allowing customers to reverse a transaction if they realize a mistake—such as entering an incorrect amount or selecting the wrong recipient. Additionally, the tool provides a moment to pause, helping users avoid falling victim to fraudulent payments.
Recent data from Monzo indicates that nearly one in three individuals in the UK (30%) has either sent money to the wrong person or an incorrect amount in the past year. Notably, over 75% of those who made a wrong payment (78%) recognized their error within just a minute.
Andy Sacre, head of payments at Monzo, stated: “We understand the importance of sending money quickly and easily, but we also recognize that mistakes can occur, whether it’s sending the wrong amount or paying the wrong person. In this industry-first initiative, we’re combining the best of banking and technology to address this issue for our customers.”