Home Secretary Theresa May has partnered with some of the UK’s largest banks to unveil a new Joint Fraud Taskforce.
The Home Office will work with Financial Fraud Action UK, which includes the major UK banks to share information to tackle fraud.
In a speech later today, May is expected to say that “fraud shames our financial system”.
She will say: “It undermines the credibility of the economy, ruins businesses and causes untold distress to people of all walks of life.
“For too long, there has been too little understanding of the problem and too great a reluctance to take steps to tackle it.”
FFA UK is hopeful the new taskforce can help Government, industry and law enforcement to unite in creating a national awareness campaign on fraud.
In the first half of 2015 banks’ and card companies’ security systems detected and prevented a total of £911m worth of attempted card, online and telephone banking and cheque fraud from occurring, equivalent to £7 in every £10 of fraud.
FFA UK director Katy Worobec says: “The Joint Fraud Taskforce will build on the good work already in place, allowing banks, police and government to operate together even more effectively.”