UK Banks and Which? Urge Tech Giants to Share Responsibility in Online Fraud Fight

UK Finance and consumer group Which? have united in a strong call for the UK government to take urgent action against the online fraud epidemic.

In a joint letter sent to key cabinet ministers including Chancellor Rachel Reeves, they demand that tech and telecom companies be forced to share the cost of tackling fraud and online scams.

The letter highlights that 75% of Authorised Push Payment (APP) fraud originates online, with an additional 16% through telecom networks. Despite some companies taking action, the organisations say that voluntary anti-fraud initiatives have had “no meaningful impact” so far.

Over £1.2 billion was stolen through payment fraud in the UK in 2023 — around £2,000 per minute. Victims not only face financial loss but also severe emotional and psychological harm.

The letter urges ministers to speed up the government's Fraud Strategy, improve protections against online advertising scams, and address phishing texts and scam calls. It also calls for tech giants like Meta to be financially obligated to work with banks and law enforcement to combat fraud.

“Fraud prevention cannot fall solely on the banking sector,” the letter concludes. “Big Tech must take responsibility and contribute to protecting UK consumers.”
Source: Sky news