Starling Bank Enhances App With Real-Time Call Verification Tool

Starling Bank has introduced a new tool in its mobile app. Based in the United Kingdom, the bank said the tool helps keep customers safe from people who pretend to work for the bank. The new feature is known as the Call Status Indicator, and customers can find it on the home and payment screen of the application.

The call status indicators show real-time information. They tell customers whether a call they receive is from Starling or not. If the bank has never called the customer, this will be shown. According to the update, the indicators also reveal to customers the most recent contact from the bank.

Starling Bank Issues New In-App Messages To Alert Users About Calls From The Bank

Starling Bank announced that when users open its application to pay, they will see various messages. These messages might show “We’ve never called you”, “We’re calling you now”, “You’re on a call with Starling”, “We aren’t calling you”, or “No recent calls”. This helps users to know when the bank sends a call.

Sarah Lenette, a Financial Crime Specialist at Starling Bank, said the bank is always trying to find ways to stop scammers from tricking people. She stated that the call status indicators help people know if they are speaking to a real bank worker or a scammer.

Despite 84% of adults in the UK know about bank impersonation scams, these scams continue to cause big problems. Reports show that these scams cause people to lose around £78.9 million each year.

In addition to the new feature, Starling Bank has taken legal action against people who have not paid back loans. Many of these loans were part of UK government support during the pandemic. Reports say that the digital bank is facing more loan losses and is under investigation for its controls on financial crime.

Starling Bank Has Reported 24 Firms For Unpaid Debts Since May 2024

Since May, Starling has filed winding-up petitions against 24 companies for unpaid debts. Most of these companies have not been active, and some have not filed any accounts.

Starling Bank has also seen more defaults in its £830 million small business loan portfolio. These loans are mainly backed by government guarantees. The Financial Conduct Authority is looking into the bank’s anti-money laundering systems.

On a positive note, Starling Bank finished its third year in a row with profits. The bank ended the fiscal year 2024, which finished on 31 March, with a pre-tax profit of £301.1 million. The total revenue for the year was £682.2 million.

Starling Bank’s pre-tax profit went up by 55 percent compared to last year. Revenue also increased by 51 percent. Furthermore, the total deposits at Starling Bank grew by 4 percent, reaching £11 billion. The bank’s new feature and its growing profits show its commitment to keeping customers safe while also growing as a business.