Amajor bank is warning over little known 'CEO fraud' impersonation scams which has seen victims lose almost £11,000 on average in the past year.

This is a less common impersonation scam which Lloyds Bank has seen an uptick in and results in the highest average loss amount of this scam type.

With this ruse, scammers pretend to be a senior member of staff at a company and contact the victim - typically a member of staff at the same company - telling them to make an urgent payment.