Age UK response to TSB launching a Fraud Refund Guarantee

Caroline Abrahams, Charity Director at Age UK said:

"We have seen far too many cases where innocent people have been conned by fraudsters into authorising a fraudulent transaction, and then ending up in a battle with their bank to get a refund.
This sort of scam not only costs people money – sometimes tens of thousands of pounds - but it can also damage their confidence and destroy their trust in online payments system. TSB’s recognition that we can all be victims of fraud and that banks are best placed to provide protection is a vital step forward and a challenge to other banks.

"There is a separate Scams Code, taking effect at the end of May, which remains important as it includes, amongst other provisions, standards to stop banks opening accounts for fraudsters, but we hope that this important move by TSB will drive better practice across the industry, including within the new Code."