HSBC calls on tech firms to help refund victims of fraud

Efforts to protect consumers has so far focused on the banks and payments firms that move the funds from customer accounts. Photograph: Tim Goode/PA

HSBC has thrown its weight behind calls for tech firms to pay up for fraud, saying incoming compensation rules requiring banks to reimburse scam victims up to £85,000 will fail to stem the flow of fraud and prove that the financial sector is not the problem.

David Callington, the head of fraud at HSBC UK, said rules coming into force on 7 October would motivate banks and payment firms to improve their fraud detection systems. However, he said that would not be enough to shift the dial and curb scam cases across the UK.