Who pays for fraud?

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Fraud has hit the headlines again in the last couple of days after recent statistics revealed it cost the UK £16bn last year.

I’ve just been the victim of fraud after my bank card and PIN for the current account I’m opening were intercepted before they reached me.

Those responsible managed to withdraw several hundred notes before I happened to go online and notice.

I phoned the bank and had the card stopped immediately. They’re putting their crack investigation unit on the case, no doubt at vast expense. I wish them luck in catching the perpetrators.

So what I’m wondering is why don’t all banks foot the bill for sending all cards recorded delivery?

Surely it would cost a lot less than the amount spent investigating this type of fraud.

And as a customer I’d feel safer in the knowledge I had one less thing to worry about.

One Reply to “Who pays for fraud?”

  1. I don’t know why we just don’t collect new cards from our local bank branch. But of course with online banking etc. many of us don’t actually have a branch. But surely in that it would still be cheaper (than the results of fraud etc.) to set up an arrangement with a named, associated bank or building society (they all seem to own each other anyway) from where we could collect?

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