UK Fraud Strategy

Or should that be counter fraud strategy …

On 3 May the UK government published its new “Fraud Strategy: stopping scams and protecting the public” and an accompanying “what it means to you” overview.

Not quite the “fundamental shift” in approach that is mentioned in the introduction, but there are some useful steps forward. Most of the press has focussed on the clampdown on cold calling and SMS scams that have led to a rise in authorised push payment (APP) fraud in the UK, Acton Fraud will be replaced and there will be a new 400 person National Fraud Squad (NFS) created.

A couple of items of more interest that have gained less attention.

Firstly, in the age of instant payments the new UK strategy seeks to “help banks slow down suspicious payments”.

And secondly, the Economic Crime and Corporate Transparency (ECCT) Bill will help in providing safe harbour for those that share data to address economic crime:

Expect to see a 10% reduction from 2019 pre-Covid levels by the end of this Parliament!