Top Stories

TSB Is UK’s 1st Bank To Promise Refunds To Fraud Victims

Recently, TSB has announced to pay back victims of fraudulent activities and who have lost money due to unauthorized transactions. TSB has taken the countermeasure after more than a million weren’t able to take out their own hard earned money. The event took place on April 2018 after the meltdown of the IT industry.

During a press event, Richard Meddings said that TSB has undertaken present responsibility so that it can gain the confidence of its customers and assist them in accessing their hard-earned money. Meddings further stated that TSB is planning to invest a considerable amount of money in educating their customers and staff about fraudulent activities.

At present, customers who are a victim of fraud did not get a refund as they approved the transfer of money to a fraudster. During 2018, 345 million pounds succumbed to fraudulent activities in the United Kingdom. Contrary to this financial organizations had refunded only 83 million pounds to their customers.

In most of the fraudulent cases, perpetrators imposed as solicitors and builders of whom the victim had taken service in the past. Fraudsters also placed fake invoices which are too difficult to distinguish from the real one. Most of the victims of fraudulent activities were targeted by mobsters.

At present, TSB is providing a sure guarantee to refund any losses of customers, due to fraudulent activities from April 14, 2019. During the initial stage, a customer has to inform the bank about the fraud, the bank then does an in-depth investigation and also make sure that their customers don’t suffer such activities in the future.

Contrary to this, the bank also made it clear that if a customer pretends to be a victim of a fraudulent activity then it will not pay him or her. Still, there are many banks in the United Kingdom who aren’t providing any protection to their customers from fraudulent activities.

Show More

Kevin Wells

Kevin Wells’s 15 Years of experience in the field of content writing has not stopped him from learning. Industry News Store has given him the best platform to prove his talent in content writing and also an excellent opportunity to grasp new avenues from juniors as well as seniors. He and the entire team of Industry News Store are working towards providing the populace with trending data with just a single click. Kevin degree in Business Management has helped him only understand and analyze the financial numbers whether gained or lost in business in a better way

Related Articles

Leave a Reply

Your email address will not be published.