Switching to an online economy reduces old fashioned risks like cash van robberies, forged notes and makes life slightly harder for organised criminals – although there’s always gold of course, acceptable even where Amex is declined. But digital transactions can be hacked, account holders impersonated, public sector funds spent without thorough auditing and passwords or devices routinely stolen. A clear strategy on how to combat organised fraud would be welcome.
The UK’s new National Fraud Strategy was launched yesterday morning by Lord Hanson at Guildhall. It focuses on a high-tech fraud disruption centre that uses AI and cross-industry data sharing to proactively shut down scam accounts, websites, and international scam compounds.
Backed by over £30 million, the plan emphasises relentless international cooperation and advanced tactics—like scam-baiting chatbots—to protect British citizens and dismantle criminal networks at their source.
Here’s a comment from Riccardo Tordera-Ricchi, VP Policy & Government Relations at The Payments Association:
“The government could have gone further. Whilst it’s encouraging to see the launch of the public – private Online Crime Centre to share data, something we had called for, it’s time to stop the ‘fraud profit’ and mandate that Big Tech shares the economic responsibility.”
“Collaboration is good, but accountability is better. We continue to believe that economic incentives should be mandated, as the payments industry cannot shoulder the economic burden of reimbursement alone when fraud continues to originate on other players’ platforms.”
Be the first to comment