Martin Wilson, CEO of OneID commented, “Fraud is rampant across the UK and leads the way as the most common crime in England and Wales in the past year. Police forces and banks have invested in resources to tackle this issue; however, it will take a collective effort to tackle this scourge on society."
Strong customer authentication
“Currently, the onus is on the banks which have invested heavily in security measures such as strong customer authentication, helping prevent a large amount of fraud."
"They are also paying out hundreds of millions every year to victims and this is set to increase with the government’s plans to enable the Payments Systems Regulator to require banks to refund victims of APP fraud via the upcoming Financial Services and Markets Bill."
Technology-led approach
"But this isn’t sustainable, and reimbursement doesn’t help with the emotional trauma fraud victims suffer. The key to cracking fraud is prevention and the best way to do this is to stop fraudsters from hiding or obscuring their identity."
"The cost-of-living crisis and political uncertainty have presented massive opportunities for criminals in recent months. Throughout 2023, this will trend will continue unless the government, law enforcement, and social media firms collaborate and agree on a common, technology-led approach to preventing fraud.”