On 14th April TSB has announced its Fraud Refund Guarantee. Indeed, it is first time in UK Banking history. In the past some banks refused to refund the scammed money of the victims who made mistakes to keeping pin and card details together or who were tricked by sharing their sensitive information to a stranger.
TSB guaranteed that it will compensate all type of frauds and scams.
Now, victims of fraud will no longer have to fight for a refund, TSB announces “If you’re clearly an innocent victim of fraud on your TSB account, we’ll refund the money you lost from your account”
Obviously TSB will investigate your claim before refund. If you find involved in fraud, TSB will not refund you. You will not get future refunds if you repeatedly ignore personalized account safety advice.
“TSB Fraud Prevention Department” is always ready to give advice and setting up workshops across Uk to prevent fraud.
TSB will quickly investigate the fraud claim and it will understand how it’s happened. It will give you safety advice to make sure you’re not affected by fraud again. TSB will pay back your refund into your account as quickly as possible.
This guarantee is not applicable on the fraud losses that happened before Sunday 14 April 2019.
How is TSB Fraud Refund Guarantee different to other banks?
Before TSB’s announcement, a group of banks had agreed to compensate authorized fraud customers who lose their money as a result of bank failures but these have loopholes and so many conditions apply but with its guarantee complete refund all customers who are visibly innocent victims of fraud, TSB has gone one step ahead, and many banks will do the same.