Challenger banks challenged on fraud

Their growth has been explosive, and they’ve shaken up the world of banking – but there are growing concerns about how well challenger banks and fintech firms are handling fraud

Advertisement for challenger bank Monzo on the side of a London bus
In July, it was revealed that challenger bank Monzo is being investigated by the FCA for possible AML breaches

Keen to increase competition and improve services for customers, the government and regulators in the UK and around the world have, over recent years, encouraged the growth of challenger banks.

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