UK: Banks refuse to pay card fraud refunds as surge in victims leads to harder stance on claims
Sean Poulter reports:
Banks are increasingly refusing to compensate card fraud amid a surge in the number of victims.
One in four Britons – more than 12million people – has been a victim of some form of card fraud in the past year, research has revealed.
The average loss was more than £650, with one in 20 losing more than £2,000, the poll of 1,679 credit and debit card holders found.
The firm behind the study, Card insurer CPP, says there is evidence that banks are reacting by refusing to refund those who cannot prove they have been victims of a fraud.[…]
The introduction of the chip and PIN security regime in 2006 was supposed to defeat the problem but critics claim its most significant effect has been to transfer the responsibility for criminal card losses from banks to customers and retailers.
Read more in the Daily Mail