Banking guarantee

TSB to offer all customers protection against fraud

TSB is the first bank to offer a guaranteed protection to all its customers against all types of fraud.

The bank says its Fraud Refund Guarantee will cover unauthorised transactions on their accounts or customers tricked into authorising payments to fraudsters.

TSB says its guarantee, which came into effect on Sunday, marks a significant step-change in banking, where today customers are only refunded for fraud losses in limited circumstances.

It follows last year’s IT meltdown which saw a huge rise in fraud, 70 times above its normal level. The wider breakdown in the system left 1.9 million customers locked out of their accounts and led to the departure of chief executive Paul Pester and replacement by Debbie Crosbie from CYBG, owner of Clydesdale Bank.

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.”

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