TSB reveals 100% reimbursement rate for fraud claims

TSB has announced it has fully reimbursed “every single TSB customer” that was an innocent victim of financial fraud since launching its Fraud Refund Guarantee scheme in April 2019.

The bank suggested it was the first and only bank that tackled the issue of fraud by launching its unique pledge to reimburse any TSB customer should they fall victim to the crime.

Over 99% of all authorised push payment (APP) fraud cases where a customer had been tricked into sending a payment to a fraudulent account had been reimbursed, TSB revealed, adding that it had rejected less than 1% of customers whose claims were found to be fraudulent with the customer complicit in the case.

The bank therefore revealed its reimbursement rate was 100% as it approached the first anniversary of the scheme's launch – with every “genuine” APP fraud loss returned to the victim. Furthermore, 100% of unauthorised transfer fraud cases were also reimbursed, TSB added.

The bank also suggested it had seen a rise in scams targeting fears of coronavirus, with criminals attempting to trick innocent customers into parting with their cash.

TSB head of fraud, Ashley Hart, said: “Fraud continues to evolve, and the recent rise of scams targeting coronavirus fears are a good example of that. However, TSB customers’ finances and livelihoods are fully protected by our unique pledge to reimburse their money should they ever become an innocent victim of fraud.

“Losses can be devastating – so we ensure our customers get all the financial help and support needed to get their lives back on track again.

“Meanwhile, we continue to invest in technology to boost fraud defences – and create carefully targeted partnerships with Police forces across the UK to help stop fraud from happening in the first place by hunting down criminals, disrupting thousands of attacks and arresting dozens of fraudsters.”

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