In advance of next week’s Spring Statement, Trustfull CEO Marko Maras has shared his opinion that anti-fraud measures should be one of the topics covered by the Chancellor of the Exchequer, Rachel Reeves.
Maras says that AI-driven fraud is increasing the amount of fraud perpetrated across many industries, including banking. He believes that EU-UK collaboration must be on the Chancellor’s agenda as fraudsters from other countries target UK citizens.
“As a European firm doing business in the UK, we want stronger collaboration between the UK and EU governments to crack down on fraud more effectively. Cybercrime is an international problem, with fraudsters in other countries targeting UK citizens. Criminals are operating across borders – sharing tactics and buying “Fraud as a Service” solutions from each other on the dark web,” said Maras. “Deepfake technology and AI-driven fraud are driving up the number of victims across multiple industries, including retail, banking, and travel – causing consumers worldwide to lose $1 trillion to scams last year alone. This is too big of a problem for one country to solve and demands a united global effort. We’re calling for the UK government to strengthen collaboration with international and European partners, bringing banks, social media firms, and financial crime experts together in a strategic fight against rising fraud.”
Fraud is the most common type of crime in the UK. According to the Office of National Statistics, between April 2022 and March 2023, there were an estimated 3.5 million incidents of fraud experienced by adults aged 16 and over.
In the first half of 2024, bad actors stole £571.7 million through unauthorized and authorized fraud. Approximately 72% of APP fraud started online, and 16% started through telecommunications networks.
Maras advises that more can be completed by sharing intel and creating new strategies to combat the scams.
“For instance, new data analysis methods and more robust identity verification in the sign-up process can stop scammers before they strike on social media sites and other digital platforms,” said Maras while cautiniong that without cross-border collaboration, criminals will continue to exploit blind spots and existing gaps.
“With a unified front, the process of tackling fraud becomes streamlined and fewer criminals slip through the net.”