Apr 6, 2021
UK anti-fraud group increases pressure on Big Tech to fight scams
An unusual alliance of big banks and telecoms companies is trying to convince tech giants to help them fight financial fraud in the UK, adding to pressure after MPs, police and regulators all called on the industry to do more. Online marketplace eBay has become the first major tech group to say it is open to joining Stop Scams UK, a new group backed by all of the country's big banks and telecoms groups including Vodafone and BT, as the sector faces a growing threat of legislation to force them to take action. UK consumers lost more than £1.2bn to fraud in 2020, according to figures published by trade group UK Finance last month. Stop Scams UK is working on measures, including a way for customers to safely contact their bank if they suspect "Phishing" - a fraudulent message or call - but said the support of tech groups was important. Criminals have been quick to take advantage of social media and other tech channels: the most common scam reported to Lloyds Banking Group involves customers paying for items from an online store such as Facebook Marketplace via bank transfer, only to discover the item never existed and the seller disappeared after receiving payment.
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