'Banks are facing a furious reaction from customers after saying they should foot the compensation bill for fraud by paying a tax on every transaction made.
UK Finance chief Stephen Jones told MPs on the Treasury committee today that banks shouldn't always have to cover the costs when criminals con people into transferring money out of their accounts.
A tiny levy on each payment made in the UK could be a solution to covering the rising cost of such scam schemes, Mr Jones said.
The idea is not likely to please consumers with Gareth Shaw from consumer group Which? saying: 'Customers would feel very strongly about footing the bill- it definitely shouldn't be them or the victims paying.'
Statistics released by UK Finance show that in the first half of 2018, consumers lost £92.9 million because of this type of fraud.
'Customers will pay if the banks have to pay. There's no such thing as a free lunch here. It's a question of how can the cost be fairly distributed across the system,' the former Santander executive told MPs.'
Read more: Banks face furious reaction for saying their CUSTOMERS should foot the compensation bill for fraud by paying a tax on every transaction they make
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