Banks and tech firms are coming together in an initiative to share information on fraud to give them them visibility of the attackers targeted at customers.
The collaboration is part of stop scams uk's intelligence-sharing pilots, which have brought together banks such as HSBC, Natwest and Santander With Tech FIRMS Amazon, Google and Meta.
Mobile Telecommunications Firm Three, BT, Challenger Bank Monzo, Lloyds Bank and Tech Giant Meta are amon the members that published the members that published the Stop scams uk joint statement,
According to the joint statement: “[This year] Presents a Unique Opportunity for Collaboration. Through Stop Scams UK, Tech, Telecoms Companies, and Financial Services Providers have Joned Forces to Share Technology, Data and Intelligence to Combat Fraudsters on the Platforms Wahrem Theyre He Helping to Boost Consumer Confidence and Promote Economic Growth. “
“Following a successful proof of concept, we have developed a series of data and intelligence-shaking pilots that are proving we can get ahead of fraudsters. NOW MARKS THE MARKS THE MERDERETE to ACCELERATE, BUMINGS Scale, “It stated.
According to stop scams uk,fraud Accounts for 41% of all crime In England and Wales, so “Effective Detection and Prevention Requires Collaboration Among Industry, Government, and Law Enforcement”.
James Babbage, Director General (Threats) at the National Crime Agency, Said Stop Scams UK is “enabling and supporting the sharing of data to prevent crime”.
“UK Victims are being targeted by fraudsters on an industrial scale, both from within the country and from oversas,” He said. “In Response, The National Crime Agency is Working Closely With Partners Across the World to Disrupt Scammers and Tackle the Abuse of Cyber and Financial enablers they relay on.”
He Said Partnerships Between The Public and Private Sector are vital to prevent scammers from defrauding people and businesses.
In a blog post At the time, boden said other sectors must shoulder some responsibility for app scams, particularly social media platforms. “Banks Invest Billions of Pounds in Tackling Economic Crime, but we cannot stop it on our own,” She Wrote.
“Very often, [social media] Accounts are used for advertising for 'Money Mules'For the purposes of money laundering, seling stolen identity and credit card data, phishing, bogus investment scams and impersonation fraud. “
Boden said banks “Seem to have become the underwriter of all kinds of fraud that are not really Financial Fraud at all”.
As a founding member of stop scams uk, we welcome the options to work togeether with the technology and telecommunications sector, regulators, government, and law enforce to comebat fraction to comebat fraction
Vim Maru, Barclays
Vim Maru, CEO of Barclays UK, said: “As a founding member of stop scams uk, we welcome the opportunity to work together with the technology and telecommunications sector, regulators, regulators, regulators, and lendy Enforcement to Combat Fraud. ”
Monzo's Director of Fraud and Disputes Risk, Rich Bromley, Said: “Industry Cross-Collection and Data sharing is key to supercarking this even furtin furter our work to outpace Tactics and Keep Our Customers' Money Safe. ”
Exchanging Insights will help build a stranger “Defense network”, according to scott knapp, vice-president of worldwide buyer risk prevention at amazon: “Claberating with inDelations with Indas and Government Partners Helps Us Stay Ahead of Bad Actor and Better Protect Consures, ”He added.
