UK Finance and Which? have urged ministers to compel major tech and telecoms companies to share the financial burden of combating online fraud. In a joint letter to key cabinet ministers, they highlighted that voluntary measures have failed to significantly reduce fraud, with nearly 75% of authorised push payment fraud originating online. The letter warned: “While some firms are making efforts, it’s clear that not all of them are taking the problem seriously enough.” In 2023, £1.2bn was lost to payment fraud, equating to over £2,000 per minute. The groups have called for a comprehensive fraud strategy to enhance consumer protections and ensure that tech companies contribute to the costs of fraud prevention.
Banks call for fraud support
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