UK’s Fraud Epidemic: Experts Demand Government Action

A scathing report by a parliamentary committee has exposed the stark reality of financial crimes committed in the United Kingdom, calling on the government to take immediate action to break the fraud chain.

Six Key Priorities to Combat Fraud

The committee has identified six key priorities that must be addressed to combat the growing menace of fraud, which is estimated to cost the UK economy billions of pounds each year:

1. Establish a Cabinet Sub-Committee on Fraud

A Cabinet sub-committee dedicated to tackling fraud should be established, chaired by and accountable to the Security Minister. This would bring together relevant Secretaries of State to ensure a coordinated approach to combating financial crime.

2. Prioritize Economic Crime in Policing Efforts

The Strategic Policing Requirement must be rewritten to prioritize economic crime, which currently accounts for just 1% of law enforcement efforts. Digital investigation must also be brought within the remit of mainstream policing.

3. Introduce New Criminal Offences

The committee has called on the government to introduce new criminal offences, including a corporate criminal offence of “failure to prevent fraud”, accompanied by significant financial penalties. This would hold corporations across all sectors accountable for their role in enabling fraud.

4. Launch a National Consumer Awareness Campaign

A national consumer awareness campaign is desperately needed to educate the public on how to protect themselves against fraud and report suspicious activity. The government must oversee the introduction of such a campaign, in partnership with industry, to provide clear guidance on reporting fraud.

5. Delay Certain Payments to Combat Fraud

The UK’s advanced digital banking system has made it easier for fraudsters to cash out stolen funds quickly and easily. To combat this, the speed of certain payments should be delayed by several hours, subject to consultation with industry.

6. Reinstate the Online Safety Bill

Finally, the Online Safety Bill must be reintroduced urgently to prevent fraudulent content and scam advertising from appearing on online platforms.

Conclusion

The committee’s report highlights the urgent need for a coordinated government response to tackle the fraud epidemic that is plaguing the UK. With billions of pounds at stake, it is imperative that the government takes immediate action to address these six key priorities.