Banks need to do more to fight web fraud

The Editor All Members 0 Comments

Banks have been accused of not doing enough to help victims of online fraud, after a damning report by The Public Accounts Committee (PAC) which revealed it to be the most prevalent crime in England and Wales. They state victims lose an incredible £10 BILLION a year!  But it could be worse than this, as the report suggests only 20% of these crimes are actually reported to the police.

The report goes on to say that the “emotional impact” of the crime leaves many victims reluctant to come forward. The PAC blamed the Home Office for being “too slow” to respond to the threat of online fraud, but also called for banks to take greater responsibility to tackle it, saying it’s “too vast” a task for Government alone. It described police efforts to fight fraud as “inconsistent”, and said forces “must prioritise” the crime.

It doesn’t help that the banks themselves are “unwilling to share information about the extent of fraud with customers”. The PAC urges banks to improve how it shares information about scams and to offer better protection to customers.

You can read the report as a PDF here: https://publications.parliament.uk/pa/cm201719/cmselect/cmpubacc/399/399.pdf