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Should Banks Compensate Scam Victims?

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barry1010 | 11:49 Tue 07th Nov 2023 | Business & Finance
21 Answers

I really do feel for people who have been scammed out of money but I don't understand why banks have to refund the money.

I pay my window cleaner a modest amount by bank transfer every month - same person, same amount, and have to tick several boxes before the payment goes through, as well as read a warning about scams.

I have read of banks making it very difficult for a customer to withdraw their money and even telling them they are being scammed - but still have to refund.

If I get scammed out of the cash in my pocket it is gone forever.

Would a bank be within its rights to close a scam victim's bank account after being refunded?  

This could be a very clever con, too.  A person claims to have been scammed - the money has left their account - and gets a refund but also pockets the scam money. 

What are your thoughts?



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Stef, the banks do refund, often.  In 2024 they will legally be obliged to and many have been signed up to a voluntary code of practice for some time.

TSB refund 97% of scam claims, as an example 

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