Expert response to TSB fraud refund guarantee

Alex Boothroyd, Senior Banking Fraud Solutions Specialist, SAS UK & Ireland: “With £1.2bn lost to bank fraud in 2018, TSB has shown initiative and taken responsibility by introducing its fraud refund guarantee. However, more must be done to stop financial crime before customers become victims.

“Companies should be making a greater effort to leverage technology to combat scams and provide a safety net to customers who fall for highly sophisticated criminal techniques. However, a sluggishness to implement suitable measures could cost banks millions if they simply deal with the repercussions of fraudulent activity rather than tackle the issue from the very start. While banks should continue to educate customers about the techniques scammers use, technology will play an increasingly vital role in foiling fraud.

“AI-powered fraud prevention can help relieve the burden on customer fraud teams at banks and increase the accuracy of detection. As fraudsters become better equipped and use more advanced tools, businesses need to make sure they stay ahead of the curve to retain customer trust while also saving millions of pounds.

“AI provides the capabilities to keep businesses and their customers safer from fraud.”