"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," said TSB executive chairman Richard Meddings.TSB said its guarantee - which applies to losses from 14 April - marked a"step change" in the industry where currently customers were only refunded for fraud losses in limited circumstances.
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. The bank, which has 5.2 million customers, warned it would not reimburse customers who tried to abuse the guarantee, by committing fraud on their own account or by repeatedly ignoring safety advice.which comes into effect on 28 May."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," said Jenny Ross, Which? money editor.
Banks need to put in preventative measures to stop fraud doesn't take place in the first place. Algorithms to detect unusual transaction patterns, limits on money transfer stipulated by customer, deny transfer if recipient account trail is unclear...
good stuff-if others don't follow suit we will have to think about a change
TSB but what are TSB doing about the criminals they allow to bank with them as they fail to monitor irregular activities on these accounts resulting in fraud?!
RBI IBA_org_in
If they're not busy, believing money's their best friend.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
TSB slashes current account interest from 5% to 3%, but there are alternativesNatWest offers £175 to people switching their bank account while Halifax is offering £135
Source: The Independent - 🏆 80. / 59 Read more »
TSB to unveil refund guarantee for fraud victims – a UK firstBank will ensure customers are reimbursed as it bids to tackle growing problem in digital age BrambleOG I had a crime number and additional details etc. about a ‘fraudulent’ transaction but NatWest_Help refused to refund me the money, as did the financialombuds because of the type of transaction it was. Nice to know customers come last.
Source: The Guardian - 🏆 84. / 53 Read more »
TSB to unveil refund guarantee for fraud victims – a UK firstBank will ensure customers are reimbursed as it bids to tackle growing problem in digital age BrambleOG I had a crime number and additional details etc. about a ‘fraudulent’ transaction but NatWest_Help refused to refund me the money, as did the financialombuds because of the type of transaction it was. Nice to know customers come last.
Source: The Guardian - 🏆 84. / 53 Read more »
TSB slashes current account interest from 5% to 3%, but there are alternativesNatWest offers £175 to people switching their bank account while Halifax is offering £135
Source: The Independent - 🏆 80. / 59 Read more »
The Victim episode 3 trailer: What will happen in The Victim tonight?THE VICTIM episode 3 will be broadcast this evening on BBC One, which has released a trailer for the upcoming episode. But what will happen in The Victim tonight according to the promo?
Source: Daily Express - 🏆 26. / 68 Read more »
The Victim episode 4 trailer: What will happen at the end of The Victim?THE VICTIM episode 4 now has a trailer to whet the appetites of BBC viewers. But what will happen at the end of The Victim according to the promo?
Source: Daily Express - 🏆 26. / 68 Read more »
The Victim season 2: Will there be another series of The Victim on BBC One?THE VICTIM season 2 is what fans of the BBC One crime drama are eagerly awaiting following tonight’s series finale. But will there be another series of The Victim on BBC One?
Source: Daily Express - 🏆 26. / 68 Read more »
Water firm outlines 'nationalisation refund'Investors will be able to demand money back if Labour takes firms into public ownership, documents say. Labour attempting to bankrupt the country in record time, if they ever got into power. They make a lot of promises but never follow through, because they can't. This goes without saying. Labour omitted this cost out of their 2017 'fully costed manifesto', which is estimated at £196bn as a bare minimum. John McDonnell then said he wouldn't pay the market rate for shares. Most investors are ordinary people he clearly wants to make poorer. I wouldn't give them or any other, a penny. They have rinsed hundreds of millions of pounds out of the country year after year, putting the barest of minimums back in. I think they've taken enough.
Source: BBCNews - 🏆 3. / 97 Read more »
Tommy Fleetwood pledges to maintain his aggressive approach at AugustaRyder Cup star Fleetwood was the first player to hold a press conference at Augusta National on Monday afternoon GO GET EM TOMMY!
Source: The Independent - 🏆 80. / 59 Read more »