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TSB launches a new fraud guarantee refund for their customers.

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  • TSB launches a new fraud guarantee refund for their customers.

    Dear customer

    We’ve launched the TSB Fraud Refund Guarantee.

    If you’re targeted by fraudsters, the last thing you want to worry about is getting your money back. But so often people have to fight to get their money refunded. For our customers, we’ve changed that.

    Put simply, our guarantee means that from now on, if you’re an innocent victim of fraud, we will refund the money you lost from your TSB account.

    This goes further than any type of fraud guarantee offered by any other bank and is another example of our commitment to fighting fraud.

    Protection even against an honest mistake

    Fraudsters are always looking for new ways to steal money. It’s easy to be tricked, click on something accidentally, or share sensitive information by mistake. But we believe you shouldn’t have to pay for such an honest mistake and we’ll refund the money lost from your TSB account.

    Last edited by helpmate2; 09-05-2019, 04:22 PM.

  • #2
    Hopefully this will be the first of many banks to do the right thing and it may force some banks to be a little more diligent with regards to who they allow to have bank accounts that are obviously attracting large amounts of monies in from a wide variety of sources.


    • #3
      Further information on this possibly "groundbreaking" decision is as follows:-

      Are there any times the guarantee won’t apply?

      The guarantee came into effect from 14 April 2019 and doesn’t cover fraud losses before this date. Naturally we won’t refund where customers are involved in committing the fraud. And if customers have repeatedly ignored account safety advice, they may be excluded from future refunds under the guarantee.

      When a fraudulent transaction has been authorised by a customer, the guarantee is limited to £1 million per claim.

      The terms and conditions of the guarantee may be adjusted in future to guard against abuse or to help us prevent and prosecute fraud. We may also make changes to reflect guidance or requirements from regulators or enforcement authorities. We will give appropriate notice of any change to the guarantee conditions.


      • #4
        Although this news seems to be too good to be true, it is all checking out as a genuine move by the TSB to combat fraud and it should eventually result in banks taking much greater care in order to safeguard their profits.


        • #5
          Not sure, given the lack of responses to this news, that too many people are aware of the significance of this initiative by TSB.

          TSB are affiliated to Lloyds and Halifax so it may be that they too both follow the lead of TSB and create similar guarantees in which case it seems highly likely that all the other banks will follow suit in order to remain competitive.