The chief executive of RBS has urged customers to be far more cautious when it comes to sharing their financial details, stating that the public needs much better education on scams and fraud, an exclusive interview with Which? reveals.
In the second part of our interview with RBS chief executive Ross McEwan and chief executive of personal and business banking Les Matheson, we ask the men who run the bank about how they tackle fraud and protect their customers, and why the bank does not compete on the top savings rates – all questions submitted by genuine NatWest customers.
NatWest chiefs on… scams and fraud
The amount of money being lost to banking scams and fraud is mind-boggling. Recently, we reported that losses from contactless card fraud had near doubled to £5.6m; the amount lost to bank transfer fraud stands at £200m.
Banks have a keen interest in preventing fraud: they are on the hook to repay victims if they haven’t been negligent with their details.
But scams can’t often happen without a bank being involved – after all the proceeds of a scam have to be sent somewhere. We believe that banks must do more to protect their customers from scams, be it being more proactive in monitoring suspicious payments, using better technology to protect customers to actually having some form of liability to refund those who’ve been scammed.
We put this to Ross McEwan and Les Matheson, who reveal some of the ways the bank is working to protect its customers from fraud.
NatWest chiefs on… savings rates
We all know what impact the ultra-low interest rates have had on the savings market. Savers have suffered as returns on cash products have dwindled.
The biggest high street banks haven’t necessarily helped. Few, if any, ever sit at the top of the best buy tables and when the Bank of England base rate finally increased last year, NatWest was one of the handful of big banks that failed to pass on the full rate rise.
So, what is NatWest’s approach to setting savings rates? Why won’t it pay the top rates to its customers? Hear what the chief executives of the bank had to say.