TSB announces 'fraud refund guarantee' to protect innocent victims
TSB has announced that its 5.2 million customers will now be protected if they are innocent victims of fraud, bringing an end to the misery that countless people have faced at the hands of money-grabbing criminals.
The bank has committed to covering customers against all types of transactional fraud losses, including cases where customers are tricked into authorising payments to fraudsters.
The guarantee applies to fraud losses incurred on or after Sunday April 14 2019, setting TSB apart from its banking rivals.
It comes after around £354m was stolen across the UK last year by fraudsters, many of whom target the elderly who are perhaps more trusting than younger, more street wise individuals.
Only £83m of that was returned by financial advisers.
TSB's initiative will apply to existing and new personal and business customers, perhaps helping the bank win over consumers after it was heavily criticised for IT woes last year.
The bank will be communicating the terms of the guarantee to its customers.
Under the guarantee, customers will need to contact the bank to report fraud, and it will still investigate the fraud claim, including what happened and how, so it can inform the customer and ensure they are protected from future fraud.
It will apply to existing and new personal and business customers, perhaps helping the bank win over consumers after it was heavily criticised for IT woes last year.
TSB said it may also adjust the conditions of the guarantee as time goes on to guard against abuse and help prevent and prosecute fraud and reflect requirements from regulators or enforcement authorities.
TSB executive chairman Richard Meddings said: “The vast majority of fraud claims across UK banking are from innocent victims of fraud who have been targeted by criminals and organised gangs.
“However, all too often these customers must fight to be refunded and are not treated as victims of crime.
“We want to provide peace of mind to our customers, that’s why we’re proud to announce the TSB fraud refund guarantee.
“If a TSB customer innocently suffers a fraud loss on their account after being targeted by a criminal, we’ll cover it.”
Are you paying too much interest?
See if you could save by switching credit card - we compare, you save