Financial Fraud Action UK, whose membership includes the major UK banks and which leads on industry initiatives to tackle fraud, has worked closely with the Home Office and law enforcement to establish the Joint Fraud Taskforce, which was launched by the Home Secretary today.
Speaking following the launch Financial Fraud Action UK (FFA UK) Director Katy Worobec said:
“Fraud can have a devastating impact on its victims and banks are committed to eradicating this crime and stopping the scammers who target individuals and businesses. The Joint Fraud Taskforce will build on the good work already in place, allowing banks, police and government to operate together even more effectively.
“Financial Fraud Action UK’s members already have an impressive track record of working collaboratively to protect customers and combat fraud. For example, our industry-sponsored police unit the Dedicated Card and Payment Crime Unit has been held up as a model of public/private partnership.”
For several months the UK’s retail banks, card issuers and acquirers and other partners have been working through FFA UK with the Home Office and law enforcement to scope and design the work of the Joint Fraud Taskforce.
As one of the Taskforce’s early deliverables, FFA UK has reiterated calls for government, industry and law enforcement to join together in supporting a collective national awareness initiative that will make a real step change in behaviour, like the old seat belt campaigns: something which delivers one simple action to the nation: ‘stop and think, to stop fraud’.
In the first six months of 2015 banks’ and card companies’ security systems detected and prevented a total of £910.9 million worth of attempted card, online and telephone banking and cheque fraud from occurring, equivalent to £7 in every £10 of fraud.