Why are customers of UK’s biggest banks feeling vulnerable and abandoned at a time of crisis? A recent report by Which? has stated that the UK’s biggest banks are failing to provide proper support to fraud victims. In last one year, as per an estimate, consumers have lost £2.3 billion due to a spike in online frauds during the pandemic months. Some customers had to call their banks multiple times about fraudulent transactions before they took action. According to the Which? survey, where more than 400 people took part in May, 17% were unsatisfied with how their bank had managed the incident. During the Financial Year 2021, the Action Fraud – which is the fraud and cybercrime reporting centre in the UK, registered around 414,000 reports, which was up by 33% year-on-year and more then £2.3 billion was lost by victims.
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