Lloyds Banking Group has recently extended its fraud prevention scheme, reinforcing a commitment to protecting unsuspecting consumers from the perils / harms of fraud. The latest update revealed by Lloyds Bank in the UK initiative, launched back in 2021, will have seen £15 million of frozen criminal funds seized, then “invested, in innovative UK fraud prevention and victim support projects.”
The scheme is described as being a fraud-fighting initiative, funded through captured “proceeds of crime – money seized from fraudsters by Lloyds’ specialist teams.”
Lloyds uses the money for vital initiatives, working with City of London Police (CoLP) and various other organisations.
In support of the Government’s fraud prevention efforts, the renewed funding will also now aim to “contribute to UK Home Office work, delivered in partnership with the National Crime Agency and City of London Police, to further anti-fraud initiatives. ”
This includes enhancing secure data sharing between “the public and private sectors, which is essential for preventing scams, protecting consumers and disrupting criminal networks.”
The scheme is unique in the banking sector, “with Lloyds the only UK bank using frozen, criminal funds in this way.”
Lord Hanson, Minister for Fraud said:
“Fraud is a crime that can affect anyone, at any time. That’s why our Stop! Think Fraud campaign urges everyone to pause before sharing any personal information. But tackling fraud takes teamwork. By joining forces with businesses like Lloyds, we’re showing that we can stay one step ahead of scammers together. Our expanded Fraud Strategy will go further by building stronger partnerships with industry to protect the public.”
Funding given to the Dedicated Card and Payment Crime Unit (DCPCU), has secured 113 arrests and “led to the seizure of a further £3 million in criminal assets, directly disrupting cybercriminals, drug trafficking and people trafficking.”
Age UK has supported older people across the UK through “one-to-one advice and awareness sessions, sharing practical support to avoid scams, building confidence to report fraud when it does happen and reducing the chance of repeat victimisation.”
We Fight Fraud’s outreach work has “engaged over 1,000 education workers across 155 universities and colleges, providing training on the risks and warning signs of money mule recruitment – a scam that often targets younger people.”
Fraud is everywhere – the only option is to tackle it head-on and the public and private sectors need to work together to do so. Our pioneering initiative gets to the heart of where fraud prevention works best, by collaborating to empower and inform people to stop and spot fraud before it happens, giving them the confidence to fight back.
We look forward to continuing the work we’re doing with existing partners, while sharpening our focus on secure data sharing between public and private sectors, aligned with the UK Home Office.
Liz Ziegler, Fraud Prevention Director, Lloyds Banking Group:
“Real change comes from collective intelligence – it’s the only way to truly disrupt the extended criminal networks that perpetuate fraud and fund crime across the globe.”
Detective Superintendent Oliver Little, Lead Force Operations Room at the City of London Police:
“Anyone can become impacted by fraud – that’s why the efforts to combat it continues. The continued funding from Lloyds Banking Group is a welcome commitment to tackling fraud. The funded fraud prevention schemes demonstrate the existing vital work that happens through strong collaborative public and private partnerships, which most importantly helps protect the public from becoming victims of fraud.”
Paul Farmer, CEO of Age UK said that the numbers are quite shocking.
An average of four people aged 50+ in England and Wales “are scammed every minute.”
This can have a devastating impact, “causing not only financial harm but also longer-term damage to their physical and mental health.”
Because of the funding from Lloyds Banking Group, Age UK says they are able to empower older people in communities “across the UK with education, awareness and practical support.”
This approach has had a “positive impact for many thousands of older people, helping them to spot scams and prevent initial or repeat victimisation.”
The DCPCU works alongside the banking sector as well as key international partners in order to “keep the financial system safe.”
This was considered to be evident this past year when they secured a conviction for a prolific criminal, who reportedly sold fraud technology worldwide, putting innocent people “at risk of fraud and making hundreds of thousands of pounds in the process.”