TSB have pledged a new way to help protect their 5.2 million customers if they fall victim to fraud.
In a UK banking first, the Fraud Refund Guarantee will ensure that innocent victims will be protected against all types of transactional fraud losses, whether it be through unauthorised transactions on their accounts or by being tricked into authorising payments to fraudsters.
Before now, customers would only be refunded in limited circumstances but with TSB's new announcement, which came into effect from April 14, customers will be refunded for any loss they have suffered from their account.
TSB’s executive chairman, Richard Meddings said: "The vast majority of fraud claims across UK banking are from innocent victims of fraud, who have been targeted by criminals and organised gangs.
"However, all too often these customers must fight to be refunded and are not treated as victims of crime.
"We want to provide peace of mind to our customers, that's why we're proud to announce the TSB Fraud Refund Guarantee. If a TSB customer innocently suffers a fraud loss on their account after being targeted by a criminal, we'll cover it."
Statistics released by UK Finance show that over £1.2 billion was stolen by criminals committing bank fraud last year with one in four Brits falling victim to online fraud.
TSB have described the introduction of the guarantee as a "significant step-change" in banking.
The Fraud Refund Guarantee will not protect retrospective claims, just those that incurred on or after Sunday, April 14.
