TSB launches refund guarantee for fraud victims - MSE News 15 April 2019 at 9:29AM in Budgeting & bank accounts 34 replies 2.5K views

Former_MSE_Naomi

TSB has promised to refund customers who lose money through any type of fraud under its Fraud Refund Guarantee...

Read the full story:
'TSB launches refund guarantee for fraud victims'

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eskbanker

Although the obligations on banks are increasing, it seems brave of TSB to stick their heads above the parapet in this way! It'll be interesting to know if it ultimately results in the level of fraud at TSB increasing, although I don't suppose that data would be readily available....

Further details at https://www.tsb.co.uk/fraud-prevention-centre/fraud-refund-guarantee/

karlie88

I'm amazed by this guarantee (and not in a positive way).

Whilst it will be welcomed by an innocent person on the receiving end of such fraud, I can see the scammers laughing all the way to the (TSB) bank with this guarantee.

And up to £1m for APP fraud?! Good luck to TSB...

swindiff

Is this anything like their guaranteed 5% interest on their current accounts

We’re not like other banks that give you a high rate then take it away. That rate is there for good

lol

colsten

You'd think TSB would have perfected their fraud detection procedures, and their interaction with the NCA, to a T before they made this (Marketing) announcement. As will the other banks who have signed up to the voluntary code which comes into effect in May.

But this is TSB so it's equally possible they don't actually know what they are doing

djpailo

Not sure how you can differentiate between people who are genuinely scammed and fraudsters who will inevitably scam this particular service.

anotheruser

swindiff wrote: »

Is this anything like their guaranteed 5% interest on their current accounts

We’re not like other banks that give you a high rate then take it away. That rate is there for good

lol

Define what you think "for good" means?
Forever?
Because nothing lasts forever and to (mis)understand the bank when they said "for good" meaning "forever" is stupid.

eskbanker

anotheruser wrote: »

swindiff wrote: »

Is this anything like their guaranteed 5% interest on their current accounts

We’re not like other banks that give you a high rate then take it away. That rate is there for good

lol

Define what you think "for good" means?
Forever?
Because nothing lasts forever and to (mis)understand the bank when they said "for good" meaning "forever" is stupid.

Hasn't this already been done to death on all the other threads about TSB's rate reduction? I don't really see the need to replay it all on this one that's specifically about their fraud guarantee....

JuicyJesus

This is going to be an absolute magnet for first party fraud and I can almost guarantee that this will get walked back very quickly.

swindiff

anotheruser wrote: »

Define what you think "for good" means?
Forever?
Because nothing lasts forever and to (mis)understand the bank when they said "for good" meaning "forever" is stupid.

The definition of "for good" means permanent, not my definition by the way. What is stupid is using a term when interpreted correctly using any English dictionary as a reference, turns out to be totally incorrect.

nic_c

So are they just complying with the voluntary code early?