TSB Bank Promises Refunds To Fraud Victims

Law360, London (April 15, 2019, 4:09 PM BST) -- TSB Bank said Monday that it will refund any of its 5.2 million customers if they fall victim to fraud, in what it described as the first such response by a U.K. lender to the growing threat of cybercrime.

The bank said in a statement that it would refund victims such as those who have lost money through unauthorized transactions or been tricked into transferring money to fraudsters. One in four U.K. residents fell victim to online fraud in 2018 and criminals stole more than £1.2 billion ($1.57 billion) through bank fraud, TSB said, citing data from Shieldpay, a financial technology...

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