Victims of bank transfer scams risk being left unprotected

Industry fails to agree on compensation plan after current scheme expires

Bank transfer scam victims risk being left unprotected from January after the industry failed to agree a plan to compensate people.

More than £1m a day is being lost to scams in which people are duped into authorising a payment to an account controlled by a criminal. The failure to agree a protection plan may make it more likely that the next government will step in.

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