Banks pay compensation over failures to protect customers fr

Banks pay compensation over failures to protect customers from fraud


Sladden said in 2020 the Banking Ombudsman scheme received 370 complaints about scams, and she believed that was just the “tip of the iceberg”.
In each case the Banking Ombudsman investigated, it looked at banks’ actions to check they hadn’t let their customers down.
Stacy Squires/Stuff
Banks have a duty to provide their services with reasonable care and skill.
In some cases, the ombudsman found banks could not have done anything to prevent their customers from being scammed, including in cases where customers lied to banks about what they were going to use their money, or a loan for.
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