Given that fraud is a major concern for many people in the United Kingdom, it is important that more is done to combat fraud. Of course, many people are looking for guidance from people in authority when it comes to fraud and this is why the presence of a new fraud task force in the United Kingdom will be of benefit and interest to many people. This taskforce is being set up by Theresa May, the Home Secretary and the taskforce is set to consist of government officials, bankers and the police force.
One area of work that the new task force will undertake is to issue a list of the 10 “most-wanted” con-artists and fraudsters in the UK. It may be that information of this nature will jog people’s memory about fraudulent activities or it could raise suspicions about certain people. It may even be that some of these fraudsters are going about their daily lives in a local community with people having no idea of who is in their midst. It may be that people will be able to provide useful information on the whereabouts of an individual, so there is no real harm in issuing a list like this. The task force should also see a greater level of intelligence sharing between banks and the police force.
Fraud is a major part of British life
When you think about the fact that five million acts of fraud occur in England and Wales every single year, there is a need for action to be taken. There are many different types of fraud and new fraudulent activities are being uncovered all the time. One recent style of fraud has been labelled a CEO fraud. This occurs when an employee receives an email from someone claiming to be their boss with the boss requesting that they move cash around. This can lead to money being diverted to areas where it shouldn’t be and this is a quick and effortless style of fraud which can have a huge impact on a business.
Agencies and bodies involved with the new task force include:
- CEOs of many banks
- Fraud prevention agency Cifas
- Representatives of the Bank of England
- Representatives of the National Crime Agency
- The City of London Police Force
- Financial Fraud Action UK
Mark Carney, the Governor of the Bank of England is fully supportive of this new task force and there is a clear need to work harder and more effectively in the fight against fraud. The Home Secretary has spoken at length about the way that fraud shames the financial system in the United Kingdom and of the impact it has on the economy. There are many people that believe the level of fraud in the United Kingdom manages to undermine the credit of the UK economy while harming businesses and individuals.
The new task force has a number of roles and activities
Alongside naming the top 10 fraudsters and sharing information, the task force aims to play a role in providing national training. This will help bank staff to spot victims and fraudsters. There is also the hope of raising awareness of what can be done to minimise the likelihood of fraud taking place and to make it easier for victims to bounce back from fraud. At this point in time, many fraud victims find that it is very difficult to receive compensation or obtain refunds after being a victim of fraud, and this is clearly something that needs to be resolved.
Another major area of focus for the new task force is pointing out areas of weakness that fraudsters can exploit. This is a major issue for many professionals and organisations and highlighting the ways that fraudsters can obtain money or information will help people to reduce their exposure to fraud. Quite often many businesses are simple unaware of the ways that they can be defrauded and if the new task force can raise awareness about the many different types of fraud, they will go a long way to achieving success.
The problem of fraud in the United Kingdom isn’t going to be eradicated overnight, there are far too many problems and issues to contend with to hope that this happens. However, there is a lot that can be done to minimise the impact of fraud and this task force could be a step in the right direction.
Andrew Reilly is a freelance writer with a focus on news stories and consumer interest articles. He has been writing professionally for 9 years but has been writing for as long as he can care to remember. When Andrew isn’t sat behind a laptop or researching a story, he will be found watching a gig or a game of football.