Some £17m lost to jobs fraud as younger jobseekers targeted, Monzo reveals

Dr Rasha Kassem, senior academic and leader of the Fraud Research Group at Aston University, said: “The loss of £17 million to job fraud in a single year highlights how employment-related deception is evolving into a systemic financial crime risk rather than an isolated consumer issue.

“The data shared by Monzo is particularly instructive because it reveals both behavioural patterns and demographic concentration.

“Adults aged 25–34 being most affected is not surprising.

“This group is digitally confident, highly active on online recruitment platforms, and disproportionately exposed to insecure or gig-based work.

“In a labour market where youth unemployment has reached its highest level in over a decade, financially stretched candidates may be more receptive to roles promising rapid income, flexible hours and high commissions.

“Criminals exploit urgency and aspiration simultaneously.

“The geographic clustering in London and the Southeast mirrors both population density and competitive job markets.

“These are regions with high living costs, where the pressure to secure income quickly can override caution.

“What is notable is Monzo’s deployment of behavioural analytics rather than static rule-based detection.

“By identifying patterns such as repeated upfront fee requests, staged “refund” cycles, and payment narratives linked to recruitment activity, the bank has reportedly reduced customer losses by 63 per cent.

“This demonstrates the effectiveness of real-time intervention combined with customer friction at the point of payment.

“However, prevention cannot sit with banks alone.

“Recruitment platforms, social media companies and payment providers must share intelligence more proactively.

“Public awareness campaigns also need to move beyond generic warnings and focus on specific red flags: requests for upfront payments, pressure to act quickly, and communication shifting to encrypted or informal channels.

“The fundamental principle remains simple: legitimate employment relationships transfer money to the worker, not the other way around.

“Embedding that message early – particularly among younger jobseekers – will be critical in reducing future harm.”