Banking and technology companies questioned on fraud response
The Home Affairs Committee continues its inquiry into fraud on Wednesday 7 February when it takes evidence from representatives of banks and information technology companies.
Meeting details
It is estimated that in the UK £580 million was stolen through fraud in the first half of 2023 alone. Criminals have been able to exploit banking and digital platforms to facilitate a range of frauds. Almost 80% of Authorised Push Payment fraud, where a person is tricked into sending money, originated online, with losses of around £240 million in the same six month period. Other common types of fraud include phishing, fraudulent websites and crypto fraud.
In this session, the Committee will investigate what fraud looks like in the banking and technology sectors. It will examine what measures companies have in place to combat fraud and ask if enough is being done to protect customers. It will also look at the impact of Government regulation and legislation on fraud across these industries.