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Here are the excuses banks make for allowing £1m to be lost to fraud every day

Victims of scams are yet to benefit from a range of anti-fraud measures because there are too many banks and competing schemes, industry experts have said.

A string of changes to the way payments are made and rules around scam protection have been discussed for years but are yet to be enforced by regulators, despite the fact that close to £1m is being stolen from consumers every day.

Figures from UK Finance, the banking trade body, reveal that fraudsters took £145m in the first six months of 2018 but just £31m was handed back to victims.

In 2016, consumer watchdog Which? submitted a “super-complaint” to the regulator on behalf of victims, demanding better protection from criminals. But despite…

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