During my time in Parliament and as co-Chair of the APPG on Fair Business Banking, I have carried out a great deal of work on the wider issue of fraud. This includes pushing the Financial Conduct Authority make it easier for victims of bank transfer scams to claim compensation.
Online fraud has a significant impact on the cost of living for many families in the UK. Research by TSB and Savanta ComRes found that 37% of people in Yorkshire and the Humber would struggle to afford food for themselves and/or their family for more than one week if they lost up to £500, and 21% in the region wouldn’t be able to afford their rent or mortgage.
Fraud is now the most common crime in the UK, and yet victims are being let down. Victims of authorised payment fraud have a less than 50% chance of receiving a refund. Banks need to do more to support their customers and TSB has proven that this is possible. We also need to see other sectors that enable fraud, such as social media firms, accept the responsibility they have to protect their users from fraud.
Paul Davis, Director of Fraud Prevention at TSB, commented: “At TSB, tackling fraud is a top priority – that’s why TSB offers more protection to fraud victims than any other bank. However, we need to do more to tackle fraud at its source as well as supporting victims, with a stronger and more cooperative approach from the Government, the financial services sector, telecoms companies and social media firms. It’s fantastic that so many MPs have already signed our fraud pledge, and we’ll continue to campaign until we’ve seen real change for the better.
I will continue my work with the APPG on Fair Business Banking, as well as my wider parliamentary work to ensure victims are compensated and have reasonable routes for redress.
