Telegraph Money

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The Telegraph take

By Sophie Smith personal finance reporter

Last week, Telegraph Money broke the news that TSB will become the first bank in Britain to fully reimburse customers who fall victim to scams. Richard Meddings, the bank’s executive chairman, said it was “the right thing to do”.
Its pledge to offer a fraud refund guarantee goes further than not only any existing policies on fraud, but also the industry’s long-awaited code of conduct on refunds, which comes into force at the end of next month. Industry insiders said the move would pile pressure on other banks to follow suit.
Telegraph Money has long called for banks to take action on a crime that has quickly become an epidemic. Last year, 1.2bn was stolen through bank transfer scams, according to figures from UK Finance.
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