A TSB Spokesperson, said:
“Today’s consultation is a welcome step in the right direction towards giving better protection for more customers by banks and other payment providers.”
Notes to editors
- TSB launched the industry’s first Fraud Refund Guarantee in April 2019 – with the recognition that fraud had become increasingly sophisticated and difficult for customers to detect. Since then TSB has reimbursed 99% of all fraud cases and maintains that funding fraud losses is the right approach.
- TSB believes that Britain’s consumers and businesses should have access to data that shows how each bank performs on fraud reimbursement to help them make informed decisions on the important issue of fraud protection.
- TSB has partnerships with several police forces in which it provides funding, equipment and specialist training and this has led directly to the arrest of criminals behind these fraudulent attacks. Customers engage in a much more transparent way with TSB’s fraud team under the Fraud Refund Guarantee, as TSB does not look to apportion blame for fraud – and this information has played a vital role in helping police forces pursue crime rings.
Fraud data - Facts and figures
- The average TSB Fraud Refund Guarantee refund in 2020 was £2,725, but customer losses above £10,000 are not uncommon, nearly 500 TSB customers were defrauded by more than £10,000 in 2020.
- TSB reimbursed 99.6% of fraud cases in 2020.
- Victims who have received reimbursement range from a 16 year old account holder, right up to a 97 year old customer.
TSB is concerned that vulnerabilities in online platforms and a lack of regulation has accelerated the spike in scams:
- Overall, online scams accounted for 79% of fraud at TSB in 2020.
- TSB data shows that since the vaccine approval announcement purchase scams have increased by 10% as losses to Covid-related purchases, such as PPE and hand sanitizer continued at pace.
TSB's Fraud Refund Guarantee
- TSB introduced the industry’s first Fraud Refund Guarantee in April 2019 which covers all innocent victims of fraud up to a limit of £1million per case.
- Details of the Fraud Refund Guarantee can be found here: www.tsb.co.uk/fraud-prevention-centre/fraud-refund-guarantee/