Bank with Gloucester base becomes first in UK to cover customers against fraud
By James Young | 15th April 2019
A leading bank with a Gloucester base has become the first in the UK to cover its customers against fraud.
TSB - who have an administrative base in Barnwood - have announced the country's first Fraud Refund Guarantee to protect its customers.
It is a UK banking first and will ensure that TSB's 5.2 million customers are protected if they are an innocent victim of fraud.
Announcing a significant change in banking, TSB chairman Richard Meddings said: "The vast majori-ty 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.
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"If a TSB customer innocently suffers a fraud loss on their account after being targeted by a crimi-nal, we'll cover it."
TSB say the scheme "marks a significant step-change in banking as it covers against unauthorised transactions on accounts, or if a customer is tricked into authorising payments by fraudsters.
Previously refunds for fraud losses in limited circumstances. Moving forward, TSB's customers will be refunded for any loss they've suffered from their account as a result of third-party fraud.
Bank fraud is a rapidly growing problem as the increase in digital transactions and online shopping has doubled over the past five years.
Fraudsters are also getting increasingly sophisticated. According to research one in four Brits was a victim of online fraud last year.
Statistics from UK Finance show that more than £1.2billion was stolen by criminals committing bank fraud in 2018.
TSB's Fraud Refund Guarantee will come into effect 14 April 2019 and TSB will be communicating its terms to its customers.
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