Victims of bank transfer scams risk being left unprotected

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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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