Sign to force action on scams
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Win! TSB will refund scam victims
In a big leap forward for our campaign, TSB has become the first bank to launch a Fraud Refund Guarantee – vowing to protect its 5.2 million customers from financial fraud.
The bank has promised to refund any customer that is an innocent victim of transactional fraud – whether they encounter unauthorised transactions on their accounts or are tricked into authorising payments to fraudsters.
TSB’s blanket policy is a huge step towards protecting banking customers from fraudsters – who stole £1.2 billion in 2018, according to one estimate.
But many other banks are leaving their customers unprotected. This isn’t good enough.
We’re demanding all banks now follow TSB’s example and introduce their own fraud refund guarantees.
Jenny Ross, Which? Money Editor, said:
“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.
“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.”
Call on the government to safeguard us from scams
Fraud is now at record levels, with more than five million scams costing Britons a mind-boggling £9bn each year. And while there are sensible steps we can all take to protect ourselves, an unfair burden has been placed on the public. We’re calling on the government, regulators and businesses to do more to safeguard us all from scams.
In 2016 we made a super-complaint to the Payment Systems Regulator (PSR). We asked it to:
– examine whether banks are taking enough responsibility when their customers are defrauded;
– investigate what improvements should be made to the processes, systems and practices firms use to prevent fraud; and
– recommend how financial providers should better protect their customers from fraud.
However, the regulator’s response suggests it has let banks off the hook. Don’t let the fraudsters get away with it – convince the government and the financial regulator to do more to confront scams head-on. Sign the petition now.
Police fighting losing battle against fraud, report warns
4th April 2019
The police aren’t doing nearly enough to defend the public from fraudsters, a new report from the police watchdog has found.Read More
Win! Transfer scam victims will be refunded from May
1st March 2019
Almost £400m has been lost to bank transfer fraud in the past two years – but today, 5 major banks have signed up to a new code that ensures refunds for victims.Read More
Win! Banks will reimburse scam victims
21st February 2019
In a huge win for our campaign, banks have finally agreed to refund victims of bank transfer scams.Read More
In 2016 we submitted a super-complaint to the financial regulator, demanding banks do more to protect customers who are tricked into sending money to fraudsters. The banks have since made promises but we want action.
We need you to share your scam experiences – this will highlight the magnitude of the problem and pressure banks to tackle it urgently.
Find the most common reported scam in your area
Full data for Scotland and Northern Ireland isn’t yet available. To give you an indication of the most common types of fraud reported in Scotland and Northern Ireland, the graph below shows data collected between 2014-16.
Ian says:
Why, of all the sites I use, is this the one that routinely ‘forgets’ my user name but when trying to create a new account with the same user name…
DerekSpeight says:
Dear Which?, I was disappointed to be told by Plusnet, when I called them, they would not block these scam telephone numbers at the source. I get a call, check…
Stuart says:
The Government’s Anti Money Laundering website advises that companies should request a conformation of Identity and address from their clients, this can be in the form of a Passport picture…