Money: TSB to refund all customers who fall victim to fraud - PressFrom - United Kingdom
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MoneyTSB to refund all customers who fall victim to fraud

13:30  15 april  2019
13:30  15 april  2019 Source:   news.sky.com

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TSB , the UK bank, has pledged to refund any of its 5.2m customers who fall victim to online fraud in response to growing concerns about consumers being targeted by sophisticated criminals. As it seeks to rebuild its reputation with customers after a disastrous 2018, TSB said that it would become the

Bank will ensure customers are reimbursed as it tackles growing problem.

TSB to refund all customers who fall victim to fraud © PA TSB hopes to win back customers who deserted it after last year's IT problems

TSB has vowed to protect its 5.2 million customers if they are innocent victims of a scam.

The bank's new "fraud refund guarantee" covers all transactional fraud losses, including cases where a customer is tricked into authorising payments to fraudsters.

The guarantee applies to losses incurred by new and existing customers on or after Sunday 14 April.

It sets TSB apart from its banking rivals in a move it hopes will help it recover customer confidence after last year's IT problems.

Consumers elsewhere are usually refunded if a fraudster takes money from their account without them knowing but if they authorise the payment, they can struggle to get their money back.

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TSB bosses have promised to refund all customers who have become victims of fraud during the bank's IT meltdowns - but dodged questions on compensation. The bank's chairman Richard Meddings told MPs that customers who had fallen for phishing scams would also be able to get their money

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These scams, where a person is tricked into thinking they are transferring money to a legitimate organisation, are known as authorised push payments (APP).

TSB to refund all customers who fall victim to fraud © Getty

Some £354m was lost last year through these scams, around two thirds of it from personal accounts, according to trade association UK Finance.

Of that total amount, financial providers returned just £83m.

TSB executive chairman Richard Meddings said the bank wanted to provide "peace of mind" for customers.

He added: "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."

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And some customers who lost money were made whole by their banks; others were not. She reported the fraud to the police and her bank. Others have fallen victim to similar calls. Cory McWilliams, a Wells Fargo customer in Houston, said that thieves had called him from a spoofed

Scam victims are to be reimbursed in full by TSB , which today becomes the first bank in Britain to offer a fraud refund guarantee. Telegraph Money has long called for banks to take action on a crime that has quickly become an epidemic.

TSB to refund all customers who fall victim to fraud © Getty

The guarantee will not be applied to customers who abuse it - for example, by committing fraud on their own account or by repeatedly ignoring safety advice - and customers will still need to report the fraud to the bank, which will still investigate the claim.

Jenny Ross, Which? money editor, called for other banks to follow TSB's lead, saying: "For years, people have lost life-changing sums of money to increasingly sophisticated scams, and then faced a gruelling battle to get their money back.

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TSB has refunded £18,000 to a customer who was threatened with bank charges after fraudsters emptied his account. Richard Lewis had been told he would be charged up to £30 a day if payments continued to leave his account. He was one of about 1,300 customers targeted by fraudsters

TSB has refunded £18,000 to a customer who was threatened with bank charges after fraudsters emptied his account. Richard Lewis had been told he would be charged up to £30 a day if payments continued to leave his account. He was one of about 1,300 customers targeted by fraudsters

"We know that banks are far better placed to spot and prevent scams than their customers.

"Today, TSB has rightly recognised this and stepped up to take responsibility for refunding its customers across all types of fraud.

"Yet other high street banks are leaving their customers unprotected.

"All banks must now follow TSB's lead and ensure that their own customers are not left paying for the cost of this crime."

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