Our new website is coming soon, give it a try now and let us have your feedback. Take me to the Beta



Register
Login:
Share:
Email Facebook Twitter


TSX Lithium explorer International Lithium Corp prepares to drill at Raleigh Lake
Exclusive: Hardman & Co Investor Forum - Severn Trent, Calculus Capital, Volta Finance, Residential


ShareCast News


TSB unveils fraud repayment guarantee

Mon, 15th Apr 2019 10:04


(Sharecast News) - TSB on Monday said it had implemented a "fraud refund guarantee" to ensure the bank's 5.2m would be reimbursed in full if they were an innocent victim of a scam.

TSB said it was the first bank to commit to covering against all types of transactional fraud losses. At present customers are only refunded for fraud losses "in limited circumstances", with 25% of Britons falling victim to online scams last year.

"Bank fraud is a rapidly growing problem and has a devastating effect on consumers across the UK. As people are increasingly going digital and online shopping has doubled over the past five years, the propensity for fraud has also increased as has the sophisticated means by which consumers are targeted," the bank said.

"Statistics released by UK Finance show that over 1.2bn was stolen by criminals committing bank fraud last year."

TSB said the guarantee on authorised transactions, where customers were scammed into making a payment, would be capped at 1m per claim.

Executive chairman Richard Meddings said "the vast majority" of fraud claims across UK banking were from innocent victims of fraud 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.

It has been a year since TSB, owned by Spain's Sabadell, suffered an embarrassing and damaging IT meltdown, with thousands of customers locked out of their accounts leading to the resignation of chief executive Paul Pester.

The matter is being investigated by the Financial Conduct Authority. The regulator said more than 10,000 customers had been defrauded.

The computer failure in April after the introduction of a new IT system led to 1.9m customers losing access to internet banking.




Back to ShareCast News


Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk


Home  |  Contact Us  |  About Us  |  Advertise with Us  |  Sitemap  |  Terms & Conditions  |  Cookies  |  Privacy  |  Mobile Site  |  About this website design


Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.