Third of bank transfer fraud victims ‘now avoid new ways of managing money’

Mandatory rules came into force in October, requiring banks to reimburse victims of bank transfer scams (Picture posed by model/Dominic Lipinski/PA) - (PA Archive)

Around one in three (36%) people who have been tricked into transferring cash to fraudsters now tend to avoid new ways of managing their money, according to research for a regulator.

Fraud victims with characteristics which may make them more vulnerable, such as being on a low income of under £20,000 or having a long-term health condition or disability, were particularly likely to have lost confidence in new money management methods, the research found.