Banks blasted for leaving victims of fraudsters on hold
VICTIMS of financial scams are being failed by banks who leave them struggling to speak to their fraud department.
High street banks have blamed staff shortages and more complex scams for long wait times, but experts have warned they are failing fraud victims.
Life savings are being put at risk as distressed victims are met with mammoth wait times.
A study showed callers are waiting an average of over 10 minutes – but some have to wait for more than an hour.
This is why today the Daily Express is calling on the big banks to introduce dedicated hotlines for scam victims.
While food and energy costs are soaring and money is tight for many UK households, the amount lost to conmen has risen by more than £160million a year.
Fraudsters tricked people out of £583million last year, up 39 per
‘This callous crime has devastating impacts on victims’
cent from £420million in 2020. And 195,996 savers reported falling victim, up by 27 per cent.
Banks are not making it easy for victims to report a scam as many of the big names do not offer a specific number to ring.
HSBC quietly scrapped its fraud helpline during the Covid pandemic. It now relies on a littleknown emergency hotline launched in September last year.
Co-operative Bank, Lloyds, First Direct, Santander and Metro Bank do not have a specific number for fraud victims, but have also signed up to the Stop Scams UK scheme.
It means customers who are worried they either have been or are at risk of being scammed can dial 159.
But few people know this number exists because most firms do not advertise it prominently on their websites or in branches.
And those who do call the helpline have said they often aren’t put through to their own bank’s fraud department.
A Which? investigation earlier this year had teams call 11 banks and building societies a dozen times over the course of a week.
On average it took banks and building societies 10 minutes and 51 seconds to pick up.And on two occasions, callers were left waiting more than an hour.
As well as our call for dedicated fraud hotlines, the Daily Express’s Fair Deal for Fraud Victims crusade is also demanding more support in general for victims.
We want banks to make fraud victims a priority, cut the time it takes to deal with complaints and ensure all are reimbursed. Banks should also improve their scam warnings and detection in online banking to lower the number of transfer scams.
Louise Baxter, head of the National Trading Standards Scams Team, said it supported our call for hotlines, adding: “Banks should be doing all they can to protect consumers from this callous crime that has devastating financial and psychological impacts on victims.”
A Lloyds Bank spokesperson said: “Any customer who wants to report fraud can call one of our main numbers (such as the one on the back of their card) and, after being asked why they are calling, will be immediately transferred to a fraud specialist.”
A Metro Bank spokesperson said: “We take our customers’ security extremely seriously… customers have access to a 24/7 telephone number to report any fraud here or abroad.”
All banks mentioned were contacted for comment.
BANKS and building societies have a solemn duty to protect customers’ cash. Fraudsters work night and day to con people out of their money using the very latest technology.
It is imperative that the banking sector does everything possible to ensure we do not fall victim to cruel scams.
At the very least, banks should have dedicated helplines for scam victims.
The UK is in the grip of a horrendous crime wave. Last year fraudsters stole £583million – an increase of 39 per cent on 2020.
Anyone who fears their life savings may be at risk must be able to speak to an expert without delay. Shamefully, many of the biggest names in banking do not have a specific number for victims of fraud.
Failure to protect customers and their money is a dereliction of duty.