Banks introduce scheme to protect customers from fraud

22nd Dec 2017

Bank customers are being protected by a new scheme that tackles fraudulent transactions online. Bank staff contact police if they suspect a customers’ account may be at risk.

In the last year around £9 million has been saved from being taken from online fraudsters and individual customers have been protected from losses ranging from £99 to £212,000.

Jo Causon, CEO of The Institute of Customer Service, says of the banking industry: “The banking sector has some way to go to regain customers' trust, which has been eroded in recent years. Focusing on serving customer needs and improving the customer experience are tangible steps banks can make to rebuild trust.

” In an increasingly digital world where banks’ customers are at more at risk from online fraud, this scheme will provide some level of comfort. In one notable case, a Barclays customer was saved from losing £10,000 when bank staff were alerted to the sum attempting to be withdrawn from his account. The money was to buy a Rolls Royce on eBay. Barclays staff called the police, who later discovered the seller was a fake.

The latest UK Customer Service Index (UKCSI) found that the banking and building sector continues to perform above the UK average for customer satisfaction. It is currently at its highest point in nine years, standing at 79.7 out of 100.

First Direct tops the list for the sector with an average satisfaction score of 85.8.

After positive results from the initial year-long trial of the scheme, customers nationwide will now benefit from this new service. Causon adds: “In an era of increasing regulation and competition in the banking sector, organisations that focus on building long-term relationships with their customers are well placed to achieve sustainable business success, which will benefit them and the economy as a whole.”

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