More than 400,000 Scots have fallen victim to a financial scam at some point in their lives, new research by Bank of Scotland and YouGov has revealed.

The FCA and Action Fraud have warned the public over scams carried out via bogus online trading platforms, as it was revealed £27m had been fleeced from investors.

A fraudster has been jailed for seven years for conning elderly and vulnerable victims out of nearly £3m in a ‘boiler room’ fraud operation which promoted bogus corporate bond investments.

TSB says it is the first bank in the UK to offer a new fraud refund guarantee.