National retail bank, TSB, has become the first British bank of its kind to refund its customers who have fallen victim to any kind of fraud.
TSB’s ‘Fraud Refund Guarantee’ will help customers who are tricked into authorising payments to fraudsters and any unauthorised payments.
The announcement comes after the news that the bank made a disastrous IT error, which affected almost two million of its own customers.
The Fraud Refund Guarantee, to ensure the bank’s 5.2 million customers are protected if they are an innocent victim of fraud – whether it’s unauthorised transactions on their accounts or customers tricked into authorising payments to fraudsters.
TSB’s Executive Chairman, Richard Meddings said: “The vast majority 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. If a TSB customer innocently suffers a fraud loss on their account after being targeted by a criminal, we’ll cover it.”