Lords Committee disappointed with UK fraud response

The House of Lords Fraud Act 2006 and Digital Fraud Committee has published a report called “fighting fraud: breaking the chain”, which expresses its disappointment at how the UK is reacting to the challenges of fraud.  The report concludes:

• fraud is 41% of all crime against individuals in England and Wales, and every part of the demographic is vulnerable;
• digital technology has led to more opportunities for fraudsters which those in charge are not doing enough to prevent;
• the Fraud Act is sound but could be improved – but the greater problem is the lack of real likelihood of convictions given the under-resourcing of law enforcement;
• the Online Safety Bill needs to be brought to Parliament urgently; and
• a delay on certain high-risk payments should be introduced to give banks more time to assess whether a payment may be fraudulent.