Banks refusing to repay card fraud victims based on 'a hunch'

[Michael Browne]

Banks are refusing to pay compensation to card fraud victims based on nothing more than a "hunch", while others are forced to wait longer than four weeks to get their money back.

 

An investigation by Which? showed that banks are “inconsistent” when it comes to handling fraud claims.

 

Worryingly, banks appear to be refusing compensation to genuine fraud victims.

 

The FOS said that while it had seen some improvements, in many cases banks have based their decisions “on a hunch”, without conducting a full investigation.

 

http://www.telegraph.co.uk/finance/personalfinance/bank-accounts/11869596/Banks-refusing-to-repay-card-fraud-victims-based-on-a-hunch.html

[obiter dictum]

I was under the impresson banks had to refund the money immediately if fraud has been reported

 

If after the bank has done its own investigation they consider the acount holder to blame , they then claim back and debit the account holders account.

[citizenB]

There are some really scary stories in the article below in respect of the way Banks wriggle out of refunding fraud victims

 

Thieves drain our bank accounts of more than £300 million pounds every year. There are many ways they do it - from using cards or card details to order items in shops, on the phone or internet to even stealing your identity to take over your entire account.

 

Criminals may find it easy to defraud you, but persuading your bank that they've done so can be a lot tougher. The FSA rules say that if you deny having authorised a payment, the bank should give you the benefit of the doubt unless they can prove otherwise. But we've found some banks using pretty flimsy excuses to refuse refunds.

 

 

 

http://www.bbc.co.uk/programmes/articles/1KD40dVs0FmtnRv4ByszLr8/bank-fraud-easy-to-be-a-victim-hard-to-get-your-money-back