The data stolen in the cyber attack on TalkTalk cannot be used on its own by criminals to plunder customer's bank accounts, the company has stated.

The telecoms company announced yesterday the attack was on its website rather than its "core systems".

It said complete credit card details were not stored on the website and could not be used for financial transactions and that account passwords had not been accessed.

In a statement it said: "We now expect the amount of financial information that may have been accessed to be materially lower than initially believed and would on its own not enable a criminal to take money from your account."

Chief executive Dido Harding also insisted customer bank details have not been compromised.

"The financial information they have on its own is not enough for them to access your bank account," she said.

But she warned customers never to give out financial details if they are contacted by phone or email by anyone asking for personal information.

Police are investigating a ransom demand sent to the telecoms giant following Wednesday's attack.

Some customers have reported money going missing from their bank accounts, but TalkTalk said there was currently no evidence anyone had been affected as a result of this week's attack.

The latest breach is the third in a spate of cyber attacks affecting TalkTalk in the last eight months.

The company has reportedly been warned before by experts about its security.

A spokesman for the firm said since previous attacks they had been working with world leading cyber security experts to make their system as secure as possible.

But he added: "Unfortunately no system is ever totally invincible - there was clearly more that should have been done in this case, and I am very sorry for the worry and frustration this attack has caused our customers."