11th February 2016
The Home Secretary Theresa May has launched a new taskforce in a bid to crack down on fraud across the UK.
The Joint Fraud Taskforce, will be made up of representatives from the City of London Police, the National Crime Agency, Financial Fraud Action UK, the Bank of England and the bosses of the major banks.
Official figures estimate that annually there are more than five million incidents of fraud across England and Wales, which May asserted “shames” the UK’s financial system.
Setting out the work for the new taskforce, the Home Secretary said: “Our economy relies on the financial system and everyone in this country benefits from its global success.
“But the scale and volume of financial activity also brings serious risks of economic crime and real opportunities for criminals to defraud hardworking taxpayers of their savings and earnings.
“Fraud shames our financial system. 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.”
The work of the Taskforce will include understanding the threat and working to identify key priorities and spot intelligence gaps and vulnerabilities. It will also tackling systemic vulnerabilities by removing weak links in systems and processes, which fraudsters can exploit.
It will also include: