The financial ombudsman said banks often refuse to conduct a full investigation into genuine cases of fraud

Banks are refusing to pay compensation to card fraud victims based on nothing more than a "hunch", while others are forced to wait longer than four weeks to get their money back. An investigation by Which? showed that banks are “inconsistent” when it comes to handling fraud claims. Its survey of over 3,300 people showed three in five had experienced card fraud. Almost a third of victims were kept waiting for between one and four weeks before they received their money back and 7pc were forced to wait even longer.

- Victim of fraud? Why the authorities WON'T investigate

Worryingly, banks appear to be refusing compensation to genuine fraud victims. The financial ombudsman service (FOS) said it upholds one in four complaints relating to fraud and disputed transactions in the customers’ favour.Barclays were ordered to pay up in 56pc of cases, while Santander had to pay in 47pc of complaints. The FOS said that while it had seen some improvements, in many cases banks have based their decisions “on a hunch”, without conducting a full investigation.....Read more here