TSB reimbursed 15 times more customers’ fraud losses than Monzo in 2022

Consumers are expected to lose more than £1bn to authorised push payment fraud this year. Photograph: Tim Goode/PA

The shocking disparity in the way the banks refund fraud victims has been laid bare in figures that show TSB refunded 94% of customer fraud claims in full last year, while for Monzo the figure was just 6%.

According to the data, published on Tuesday by the Payments System Regulator (PSR), TSB was the standout bank in terms of refunding victims of authorised push payment (APP) fraud.