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Remember this when you choose a bank account.
This chart shows how poor some current account providers are at refunding fraud.
Bank 2 could be Nationwide. It could be Lloyds.
It could be Starling, Metro, Natwest, Santander.
It isn't Barclays. But Barclays could be bank 6 also.
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This chart shows how poor some current account providers are at refunding fraud.
Bank 2 could be Nationwide. It could be Lloyds.
It could be Starling, Metro, Natwest, Santander.
It isn't Barclays. But Barclays could be bank 6 also.
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The only bank we know for sure that it isn't is TSB. They are not part of the code and refund 96% of the time.
If you're worried about fraud this is worth keeping in mind
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If you're worried about fraud this is worth keeping in mind
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So why don't we know who they are? Firstly, the figures are reported anonymously by the regulator.
We've tried a Freedom of Information request, but this was rejected because they are commercially sensitive
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We've tried a Freedom of Information request, but this was rejected because they are commercially sensitive
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For those of you who don't know, 'commercially sensitive' is industry code for 'it is too embarrassing'.
For example, we know current account switching figures, we know ombudsman complaints data, we know profit margins on mortgages and savings.....
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For example, we know current account switching figures, we know ombudsman complaints data, we know profit margins on mortgages and savings.....
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Of course, we have asked all the banks individually. you can see what they say in this story
https://www.thetimes.co.uk/article/no-investigation-no-refund-just-humiliation-how-banks-really-treat-fraud-victims-xdtm75r72
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https://www.thetimes.co.uk/article/no-investigation-no-refund-just-humiliation-how-banks-really-treat-fraud-victims-xdtm75r72
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There is no reason banks couldn't tell us their repayment rates. And if you were, say, bank 8, wouldn't you want to publicise your figures so that you weren't sullied by the bad reputation of the other banks.
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So why do they all answer in exactly the same way? These are independent businesses in what is supposed to be a competitive market, all operating with one voice.
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This isn't even the thing that bothers me the most. Almost two years ago I came out against TSB's decision to refund everyone on fraud - I was in favour (and still am) of a wider strategy that stopped crime at source.
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In the past two years I've met with dozens of bank execs and senior comms people at banks. And on every occasion I've highlighted to them how important it is that the chief executive takes ownership of the problem
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Remember, fraud is not a retail problem. It is a major national and international problem that costs banks billions. So you'd think bank chief executives would care.
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Every time I mentioned this to the banks, these senior figures nodded and agreed. Yes, yes, yes, they said. We agree.
So what happened?
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So what happened?
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NOTHING
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In two years, banks have sat on their hands, refused to abide by the code they signed up for, and chief executives of the big banks have said not a single word publicly or to ministers.
And that is why, I'm so cross about fraud all over again.
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And that is why, I'm so cross about fraud all over again.
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And if you want to know the case that finally broke me.
It's this. So well done, Lloyds
Remember, they could be bank 2. https://www.thetimes.co.uk/article/worried-to-death-the-fraud-victim-who-lost-his-lloyds-savings-qc3v3vt6h
It's this. So well done, Lloyds
Remember, they could be bank 2. https://www.thetimes.co.uk/article/worried-to-death-the-fraud-victim-who-lost-his-lloyds-savings-qc3v3vt6h
