Banks with the highest record of fraud
The PSR conduct research to discover which banks were subject to the most fraud as well as the rate at which reimbursement was provided to customers.
UK Finance has found that APP fraud in the first half of 2023 came to a total of £239.3m and there was only £152.8m returned to the victims.
APP fraud
This is when a customer is tricked into authorising a payment to an account controlled by a criminal.
APP stands for authorised push payment.
What is being done about bank fraud?
PSR are introducing mandatory reimbursement for victims of APP scams meaning banks will have to abide by these rules to help their customers further. They rules will be introduced later in 2024.
Your bank should help you if you are a victim of fraud, if they don't you have the right to push for it.
If you detect fraud on your account it is important to act as quickly as you can and follow these steps.
Keeping your money safe is a top priority and customers expect their accounts to be secure. This is why when picking your savings account you may want to consider the banks which have a reimbursement policy.
The banks with the highest fraud rates
TSB
- They lost £348 per £1m to fraud in 2022.
- TSB fully reimbursed customers in 94% of cases.
Santander
- They lost £322 per £1m to fraud in 2022.
- They fully reimbursed 54% of fraud cases.
Metro Bank
- Lost £280 per £1m to fraud and fully reimbursed 59% of their fraud cases.
Starling
- They lost £307 per £1m to fraud and fully reimbursed 44% of their cases.
Monzo
- Lost £277 per every £1m put into the bank to fraud and fully reimbursed only 6% of their cases.
