As fraud rates continue to rise in the UK, companies from the payments, telecommunications and technology sectors have agreed to share data across industries.
This agreement was announced as part of a joint statement under the banner of Stop Scams UK, a membership organisation which looks to encourage collaboration between firms most affected by scams.
Stop Scams UK stated that this initiative follows a series of successful pilots, which have proven that by sharing technology, data and intelligence, the UK can ‘get ahead of fraudsters’.
Ruth Evans, Chair of Stop Scams UK, commented: “This member pledge is testament to the work of Stop Scams UK. Through our pilot work to share fraud data between industry sectors, we have proved that collaboration gets ahead of the criminals and defeats fraudsters.
“By making this pledge, our members are redoubling their efforts to create a safer environment for all businesses and consumers online. We invite more to join us in this effort, as a united front will build greater consumer awareness, safeguard more individuals, and bring more criminals to justice.”
A range of leading companies have signed the joint statement, including Amazon, Barclays, BT, Google, HSBC, Lloyds, Nationwide, NatWest, Match Group, Meta, Monzo, Santander and Three.
Answering the industry’s calls
Fraud is currently the most common crime across England and Wales, amounting to 41% of all criminal activity last year. The payments industry has highlighted Authorised Push Payment (APP) fraud’s devastating impact as a significant contributor, which is when victims are tricked into willingly sending money to fraudsters.
In a bid to combat APP fraud, the Payment Systems Regulator (PSR) introduced new reimbursement rules last year. While these rules lessen the financial blow for victims, they fail to prevent fraud.
Many financial institutions also criticised the rules for failing to hold social media platforms accountable, as that is where most fraud originates. This has led to several calls from the sector for cross-industry collaboration.
A spokesperson for Nationwide said: “The victims of fraud deserve greater cross-industry collaboration. Our work with Stop Scams UK shows what can be achieved when all the main players work to protect people from fraud.
“It’s vital we improve information sharing to stop fraudsters before they cause any harm. The impact on victims is much more than the financial loss and organisations must do all they can to keep consumers safe.”
As this joint statement includes Meta, the parent company of Facebook and Instagram, it could signal that the industry’s calls are being answered.
Nathaniel Gleicher, Global Head of Counter Fraud at Meta, said: “At Meta, we are committed to creating a safe and secure online environment for all our community. That’s why we’re proud to be a member of Stop Scams UK, which has played a key role in helping to establish our first-of-its-kind information sharing partnership, the FIRE (Fraud Intelligence Reciprocal Exchange) programme, with banks to help protect people against fraud.
“Scams are a society-wide problem which requires industry, government and others to work together, and we will continue to expand and evolve our collaboration to stop fraudsters in their tracks.”
