No refund for victims of overseas scams

♦ Scam victims tricked into sending money abroad will not be reimbursed by banks under a new compensation scheme, the regulator has revealed.

The programme is being rolled out as criminals fleece £200million from 40,000 victims every year.

At present victims are losing large sums to scams because in many cases banks have been unwilling to compensate them. Under the new scheme, victims who can prove they have not acted recklessly will receive a full refund. But those tricked into moving money into a foreign account will not be protected.