Home Business NewsBusinessBanking News ‘Unfair’ to blame bank fraud victims, says UK watchdog

‘Unfair’ to blame bank fraud victims, says UK watchdog

by LLB Reporter
22nd Aug 18 8:48 am

It is ‘not fair’ for banks to blame customers when they fall for sophisticated scams, Britain’s financial ombudsman has said.

“That’s especially true in light of the sophisticated way criminals exploit banks’ security systems – and convince customers that their money is at risk,” said Caroline Wayman, chief ombudsman and chief executive of the Financial Ombudsman Service.

The ombudsman deals with disputes between banks and their clients.

She further said that if banks could not support their assertion with facts, the ombudsman would likely conclude that the banks should cover the lost funds in cases the ombudsman considers.

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