UK Finance and Which? call for more comprehensive fraud strategy

In a joint letter sent to Chancellor Rachel Reeves, Home Secretary Yvette Cooper, and Science, Innovation and Technology Secretary Peter Kyle, the two organisations expressed concern that voluntary initiatives have had "no meaningful impact on the scale of fraud."

They highlighted 72% of authorised push payment (APP) fraud originates online, while 16% happened through telecommunications networks. 

Fraud remains a pressing issue in the UK, with nearly £1.2bn stolen by criminals in 2023, which is over £2,000 every minute. Beyond financial losses, Which? research from 2023 estimated the impact on victims’ wellbeing at £7.2bn every single year. 

Delays in the implementation of the measures under the Online Safety Act mean that possible regulations against paid-for fraudulent advertising may not be fully enforced until 2027. 

The letter urges the government to ensure that tech and telecom firms contribute to fraud prevention costs. They also call for a significant acceleration in the publication of a more comprehensive Fraud Strategy. 

If this process ends up stalling, financial losses could very well rise beyond the £1.2bn stolen in 2023, consumer trust could worsen dramatically, leading to suffering businesses.