Banks and tech companies are teaming up to tackle fraud by sharing vital information about attacks aimed at customers. This collaboration is part of an initiative called Stop Scams UK, which includes major players like HSBC, NatWest, Santander, Amazon, Google, and Meta.
Three, BT, Monzo, Lloyds Bank, and others joined to publish a joint statement about the initiative. They emphasized that this year provides a unique opportunity for collaboration. By joining forces, these sectors aim to share technology and data to combat fraud effectively, bolster consumer trust, and stimulate economic growth.
After a successful pilot program, they’ve developed a series of initiatives focused on data and intelligence sharing. This approach is showing promise in staying one step ahead of fraudsters. Stop Scams UK points out that fraud makes up 41% of all crime in England and Wales, so it’s crucial that industries work with the government and law enforcement for effective prevention.
James Babbage from the National Crime Agency highlighted the importance of sharing data in the fight against crime. He noted that fraudsters are targeting UK victims on a large scale, both domestic and international. The National Crime Agency is collaborating with global partners to disrupt these scams and the cyber and financial systems that criminals rely on.
There’s been a push for tech firms to share the financial burden associated with online fraud. Anne Boden, former CEO of Starling Bank, has called for greater cooperation across sectors, particularly regarding authorized push payment (APP) fraud. She pointed out that while banks invest heavily to combat economic crime, they cannot do it alone. Social media platforms, in particular, often play a role in facilitating various scams.
Vim Maru, CEO of Barclays UK, expressed enthusiasm about being a founding member of Stop Scams UK and the opportunity to work with various sectors to combat fraud. Monzo’s Rich Bromley stressed the importance of industry collaboration and data sharing to keep customers’ money secure.
Scott Knapp from Amazon noted that exchanging insights with industry partners strengthens their defense against fraud. Last year, a coalition led by Which? called on the Labour government to facilitate data sharing among banks and telecom operators to fight digital fraud more effectively.