Today, Money Mail is urging big banks to reinstate helplines for fraud victims.
Last month, we reported that High Street behemoths have sounded the alarm over an impending scam epidemic as criminals seek to capitalize on rising costs of living.
During the pandemic, however, HSBC eliminated its fraud hotline without fanfare.
Others, including Co-operative Bank, Lloyds, First Direct, Metro Bank, and Santander, do not provide a phone number for victims of fraud.
Customers are redirected to general helplines, whose wait times have increased dramatically in recent years. They then face additional delays before reaching the fraud section.
Santander prohibits victims from reporting fraud to its branch employees. They are instructed to instead contact its general customer care number.
Even when banks do give a dedicated number, it is sometimes buried beneath countless options and drop-down menus on their websites, making it impossible for clients in a panic to locate it.
According to Money Mail, many banks today rely on an obscure emergency hotline that will be launched in September 2021.
Under the program, clients who believe they are in danger of fraud can reach their bank by dialing 159.
However, few people are aware of this figure because the majority of significant companies do not prominently display it on their websites or in their locations. And despite its intended function, customers who phone the helpline are frequently not connected to their own bank’s fraud department.
Last year, fraudsters stole a record £1,3 billion, according to the banking trade association UK Finance.
The largest contributor to losses was so-called push payments or ‘authorized’ fraud, in which victims are persuaded into giving personal information and transferring funds.
However, victims of these types of fraud often fail to recover their funds, with only 42% of stolen cash restored.
It is therefore imperative that victims can notify their bank of suspicious transactions as soon as possible.
Any delay diminishes firms’ already slim chances of recovering lost funds.
According to consumer expert Martyn James, banks must prioritize investing in their frontline fraud services. Currently, fraud and scams are pervasive, and banks could be held accountable if they fail to move you through in time to prevent fraud from occurring if they fail to do so.
Jane Hawkes, a customer service champion, says, ‘If someone feels they have been a victim of fraud, they must be able to report it as quickly, efficiently, and securely as possible.
A bank’s failure to offer a dedicated helpline is a failure on their behalf. There is no justification.
One Money Mail reader claims she had to wait nearly an hour to report a scam to Santander.
She discovered a £250 transaction she did not recognize, which drove her overdrawn. However, after phoning the company’s customer support number, it took approximately 30 minutes for someone to answer.
She was then placed on wait for over twenty minutes before being transferred to the appropriate staff. When in such a state of mind, it is inconvenient to have to go through the standard customer service line. She asserts that banks need a dedicated hotline.
Susan Martin from Norwich was placed on wait for thirty minutes after HSBC received a fraud notice.
The 59-year-old woman and her 62-year-old husband quickly dialed the number on the back of their card but gave up when they were left on hold.
Susan asserts, “This is intolerable.” The bank should call us or, at the very least, answer the phone when fraud victims call. It is quite inconvenient.
And their experiences are seldom exceptional. Earlier this year, a study by the consumer group Which? revealed that some banks make fraud victims wait for more than a half-hour to speak to a representative.
Money Mail’s Pick Up or Pay Up campaign has regularly identified and shamed banks as among the worst offenders for lengthy call wait times.
We propose new legislation mandating that businesses answer their phones within ten minutes or risk severe fines.
Which? discovered that customers may be charged to call bank helplines. The consumer organization warns that calls beginning with 03 could cost up to 16 pence per minute from a landline and up to 65 pence per minute from a mobile phone.
Customers may have difficulty locating the correct telephone number due to the confusing variety of possibilities.
On its website, Barclays, for instance, offers a variety of helplines for various services, but clients must first answer many questions.
If you choose ‘contact us,’ the security and fraud,’ and then choose the debit card choice, you will be taken to its specialized fraud hotline, which is available 24/7, including holidays.
However, if you select ‘online banking,’ you will be given the bank’s digital helpdesk number, which is only available on weekdays until 5 p.m. and is closed on weekends.
The majority of banks that do not offer a separate line for fraud victims nonetheless provide consumers with a 24-hour emergency phone number.
However, TSB’s fraud line is only available from 8 a.m. to 9 p.m., and its website advises that ‘you may have to wait due to high call volume. Outside of these hours, users can only report fraud online or using the company’s mobile app.
The new 159 fraud hotline was intended to be comparable to the NHS’s 111 services.
When consumers call, an automated voice prompts them to select the desired bank from a selection.
In the majority of instances, however, they will be connected to the company’s standard customer support line rather than its fraud department.
They will have to explain why they are phoning and wait to be put through to the relevant personnel, which will result in additional delays.
It also means that the 159 services may not be available 24 hours a day, seven days a week, as victims can only be connected during bank business hours.
Customers who dial this number will be directed to the bank’s fraud department, which they cannot reach directly. Yet few will be aware of this choice because banks do not promote the new 159 number extensively.
The hotline is accessible to ninety percent of current bank account holders in the United Kingdom and has received about 170,000 calls since its introduction last September.
However, because it is still in the pilot phase, there have been no large awareness-raising marketing activities.
Simon Miller, director of the strategy and communications at Stop Scams UK, which helped establish the 159 program, said, “The actual value of 159 is not reporting fraud; it’s disrupting the fraudulent trip.
When you dial 159, you are no longer conversing with a possible fraudster.
As the scheme evolves and develops, we’d like to see a truly consistent level of service across all of our banking members.
According to Barclays, a specialized crew is available 24 hours a day, and the company’s website offers online banking services outside of business hours. First Direct, Lloyds, and Metro Bank indicate that clients can phone and be connected to a fraud department.
According to an HSBC representative, the bank has “simplified and enhanced” its fraud reporting procedures, and cardholders can now utilize the numbers on the back of their cards.
He adds, “Customers are not always comfortable dialing unrecognized numbers, so a fraud hotline may not be the best option for everyone.”
Santander’s customer service number is available 24 hours a day, seven days a week, 365 days a year, according to a representative.
Our normal banking line has had an average wait time of fewer than three minutes so far in September, while the wait time to speak with a fraud specialist has been less than fourteen minutes.
In addition to our 24/7 customer care lines, we have fraud detection and prevention mechanisms in place to safeguard customers throughout the payment process.
TSB reports that the average call-waiting time for its fraud team in the first half of this year was less than eight minutes. Customers can reach their lost and stolen card line 24 hours a day, seven days a week, and are protected by a fraud refund guarantee.
