Big Tech and banks join new plan to tackle fraud – but does it go far enough?

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solo24 May 2023Last Update : 2 weeks ago
Big Tech and banks join new plan to tackle fraud – but does it go far enough?

A coalition of banks, tech companies and telecoms groups is set to roll out a new scheme to collect information on scammers, as Britain’s efforts to tackle the fraud epidemic are stepped up a notch.

The new group, Stop Scams UK, has members including the UK’s largest existing banks, challenger banks, telecoms providers and large tech firms. The Alliance will collect information about scammers using phone numbers and email addresses provided by its members.

The pilot will launch over the next month when Stop Scams members will begin operating approximately 300 phone numbers and 100 email addresses to communicate with scammers and then backtrack to collect information on how the fraudsters operate. will follow.

Simon Miller, Director of Policy and Communications at Stop Scams UK city ​​am “We are very pleased to be moving in this direction.”

“The pilot will provide extremely valuable information about the operation of the scams,” Miller said, adding that it would “create an incredibly rich, first-hand evidence of the modus operandi of the scammers.”

The plan comes amid a flurry of activity to tackle the fraud as concern grows over the scale of the problem. According to figures from trade body UK Finance, more than £1.2bn was stolen by scammers in 2022.

The government last month launched its anti-fraud strategy which included the creation of a national fraud squad, along with plans to crack down on spoof numbers.

However, some criticized the plan for undermining offers that big tech companies could reimburse victims of fraud, arguing that most fraud begins online.

Going further, chief executive of fintech firm Tide Oliver Prill said the plans were “nowhere near enough”. Prill called for an anti-fraud tax that would be levied across the value chain, including social media companies.

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