N26 is under regulatory scrutiny after reports of potential fraudulent transactions with its customer service:
due to concerns over its security processes. Neobanks have been focusing on establishing themselves over the past few years and have been able to attract large user bases due to these efforts.
However, this growth comes with increased challenges in ensuring compliance. Hence, neobanks would be wise to focus their efforts now on meeting regulatory standards, and should consider working with regtechs specializing in the field to help them protect against fraud or money laundering instances — and thereby increase customer satisfaction and ensure future success.
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