Paul Davis, head of fraud at TSB Bank
When we first pledged to reimburse all innocent victims of fraud, there was praise and scepticism. Yet fraud has rapidly grown to become the UK’s biggest crime with £2 million stolen from households every day.
In the face of this threat and with scams becoming increasingly complex, customers rightly look to their bank for support and protection when they fall victim.
The main argument against bank refunds is “moral hazard” — that consumers won’t care where they’re sending their money if they think they will get it back. But we disagree. No one wants to experience the crushing panic when they realise that their money is in the hands of fraudsters.
After four years of TSB’s guaranteed
