INDUSTRY FOCUS
Which? demand for new fraud Minister
Consumer watchdog Which? has called on whoever the next prime minister is on July 4th to appoint a dedicated Minister to address the issue of fraud.
The organisation said that a fraud minister could ensure that banks and payment providers treat victims fairly and reimburse them properly.
The consumer champion added that fraud is the UK’s most common crime, accounting for around 40 per cent of crimes committed in England and Wales.
According to UK Finance, losses from fraud reached over £1 billion last year.
Which? said its work campaigning for victims affected by the crime has shown that the fight against fraud requires co-ordinated action across multiple government departments and business sectors.
It went on to say that a fraud minister would be able to drive the actions needed to address fraud and ensure that tech giants, who are responsible for the platforms through which fraudsters target their victims, are held accountable by Ofcom.
Additionally, Which? said a fraud minister could also provide leadership in breaking down barriers to sharing fraud intelligence between companies in different sectors, law enforcement and government departments. The organisation added that this would be a “vital step” towards shutting down scammers at the earliest opportunity.
“The fraud epidemic continues to ruin people’s lives every year, yet progress with tackling it is too slow due to a lack of leadership and coordination across government and business sectors,” said Rocio Concha, Which? director of policy and advocacy.
“The next government must show it will make tackling this terrible crime a national priority and appoint a fraud minister to bring sectors together and drive forward real change at pace. This will benefit UK citizens, businesses and growth.”
