TSB has been refunding fraud victims for five years – it’s time for others to follow our lead

TSB has reimbursed 97 per cent of customers who have fallen prey to online scams, writes its CEO Robin Bulloch. But the majority start on social platforms – so it’s high time that tech firms step up to protect their customers

Meta’s Facebook Marketplace is currently the biggest driver when it comes to fraud in social media spaces (PA)

The fraud committed online against people is beyond contempt. I was horrified when one of our customers lost more than £4,000 to a fraudster who impersonated a stonemason when she was ordering a gravestone to commemorate the tragic loss of her son. She was a victim of Facebook Marketplace fraud at a time when she was particularly vulnerable.

As chief executive officer of TSB, I’m pleased to say we refunded her money. It is these kinds of cases that have led us to be an industry leader when it comes to fraud, compensating customers who are innocent victims and using our experience to help police track down criminals.

We regularly read reports where banks have failed to provide the expected level of service, and the industry must always learn from these, but there are also significant instances where banks set new higher standards for protecting customers.