TSB launches refund guarantee for fraud victims - MSE News

SnowTiger

Ali_fightingforwhatsright wrote: »

Well Richard Meddings if full of it...my small business was targeted on Monday 8th April 2019. We were called from the Crime & Fraud prevention number of TSB (apparently the fraudsters can clone such numbers). They did not ask us for our information...

Random person phones and asks you to transfer £22,000 to another account. You follow their instructions.

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

The guarantee doesn’t apply if the fraud losses happened before Sunday 14 April 2019.

I doubt it applies to business accounts anyway.

SnowTiger

Takmon wrote: »

I don't see why the bank should refund you when the mistakes made were entirely your fault.

I agree. Ultimately other customers are funding this because it will be priced in to the cost of doing business.

Confirmation of Payee should make this type of fraud more difficult.

It was due to be implemented in July 2019, but the date keeps slipping. It's now pencilled in to begin some time next year.

karlie88

At the bottom of the OTP text from TSB it says:

DO NOT SHARE THIS OTP WITH ANYONE.

SnowTiger

karlie88 wrote: »

At the bottom of the OTP text from TSB it says:

DO NOT SHARE THIS OTP WITH ANYONE.

No need for the customer to share the OTP if they're sat at the computer (or with their phone) and making the transfer.