Tacking the rise in fraud requires a global response
Skyrocketing rates of fraud in the UK necessitate a united and global response, writes minister for fraud Lord Hanson
Fraud ruins lives. It strips people of their savings, their confidence and their sense of security.
Every day, countless individuals across the UK and around the globe are opening emails, answering calls and clicking links which could devastate their futures. And, sadly, this problem is only getting worse.
Recent data from the ONS suggests fraud in England and Wales increased by 33 per cent last year. This is a truly shocking statistic that highlights the need for immediate action to tackle this issue.
Today’s fraudsters are not just opportunists, they are organised, professional and increasingly working across borders, with 70 per cent of fraud now including an international component. Therefore, in order to combat this global issue, our response must be global.
That’s why this week, I’ve travelled to Abuja to sign a Memorandum of Understanding with Nigeria’s attorney general, chief Lateef Olasunkanmi Fagbemi, and national security adviser Nuhu Ribadu.
This partnership will launch an ambitious new era of cooperation to detect, disrupt and deter fraudsters before they can cause harm, in both of our nations.
A global problem needs a global response
But this isn’t about warm words – this is about agreeing a collective plan of action.
This agreement with Nigeria, one of Africa’s largest and fastest-growing economies, means working closely to share intelligence, coordinate law enforcement action and to strengthen our respective fraud strategies.
We will also explore collaboration between financial, online and telecommunications regulators and industry bodies and look closely at sharing insights into how fraudsters exploit financial systems and identify training needs.
This is a root and branch agreement to tackle a highly organised, international operation.
But it’s also about tackling scammers at home. National security is the foundation of this government’s Plan for Change and we are putting international cooperation at the heart of our new, expanded Fraud Strategy, to be published before the end of the year.
How fraud is affecting the UK
With fraud now impacting more than 1 in 15 people in the UK, we must take bold action to combat this issue. Behind every statistic there is a victim: the parent tricked into sending money to scammers thinking it’s their child, the saver robbed of their pension before they retire, the small businesses brought to its knees through a fraudulent email.
The financial impacts are often huge, but the emotional tolls can last a lifetime.
And the crimes these fraudsters are prepared to commit are becoming increasingly depraved. Financially motivated sexual extortion (FMSE), where often young victims are coerced into sending intimate material and are then blackmailed, is on the rise. We must build a united, global front to tackle these shameful criminals head on.
So, we will support where we can and challenge where we must, and I continue to urge the tech industry to go further and faster to protect their users from fraud – wherever it takes place.
Fraud has changed and so too must our response.