Two years on from the launch of its industry-leading Fraud Refund Guarantee, TSB has opened a new front in the fight against fraud, with a three-point plan to target the UK’s fastest growing crime.
The plan reflects evidence TSB has submitted to the Payment Systems Regulator’s consultation on the future of fraud protections.
It comes as a growing number of politicians, regulators and campaign groups have called for further cross-industry action against fraud.
TSB’s proposals include calls for all banks to display their customer reimbursement rate on posters in branch, in the style of the Competition and Markets Authority’s (CMA) annual customer satisfaction surveys, this would show how each bank is performing on the vital issue of fraud refunds.
At industry level, investment scams rose by a third (32%) last year and losses increased by over two-fifths (43%) - largely due to increasing scam adverts hosted on online platforms.
UK Finance recently stated that, “nearly every scam now has an online element”.
TSB reports thousands of scam adverts to online and social platforms every month, although the Bank is concerned that these platforms rarely take the swift action needed to remove the fraud, which leaves the public exposed to scams.
As fraud rates continue to surge across the UK, TSB have set out three key policies which can help the UK Government, industry and campaigners turn the tide.
Commenting on the plan, Debbie Crosbie, Chief Executive of TSB said: “Two years ago, TSB introduced the UK’s first Fraud Refund Guarantee in recognition that fraud had become increasingly sophisticated and that customers deserved protection from losses.
“Today, we’re setting out a hard-hitting plan for collective action across banks, telecoms companies and online firms to turn the tide against the UK’s fastest growing crime.”
TSB’s three key policies
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