TSB reimbursed 15 times more customers’ fraud losses than Monzo in 2022

  • October 31, 2023
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Regulator figures show huge differences in banks’ treatment of fraud victims, from 94% of claims refunded by TSB to 6% at Monzo

The shocking disparity in the way the banks refund fraud victims has been laid bare in figures that show TSB refunded 94% of customer fraud claims in full last year, while for Monzo the figure was just 6%.

According to the data, published on Tuesday by the Payments System Regulator (PSR), TSB was the standout bank in terms of refunding victims of authorised push payment (APP) fraud.

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