Preventing Economic Crime | IPT
Chair: The Viscount Colville of Culross, Member, Fraud Act 2006 and Digital Fraud Committee
Speaker: Assistant Commissioner Peter O’Doherty, City of London Police
Speaker: Sian McIntyre, Managing Director, Customer Economic Crime Team, Barclays
Breakfast Meeting

Date:

Tuesday 12 July 2022

Venue:

House of Commons

Start Time:

08:30

End Time:

09:30

During the height of COVID-19, in early 2021, more than £4m on average was stolen by fraudsters every day in the UK as citizens tricked into sharing personal details and funds surged by 71%. Authorised Push Payment (APP) scams have risen by 22% in the last year alone, with individuals’ fears about the pandemic being exploited and targeted directly using digital platforms and replicas of legitimate websites and apps. The Treasury committee has suggested that social media and online giants should pay compensation to victims of fraud using their sites, and that a long-term reform of Companies House should look to implement powers to query information and introduce formation fees to deter fraudsters. What further actions can be taken to crack down on economic crime?

This event will:

  • Consider the inclusion of fraud preventions in the Draft Online Safety Bill.
  • Discuss the responsibility of social media firms to restrict financial promotion services to FCA-authorised firms only and to provide compensation to fraud victims.
  • Explore the role of anti-fraud taskforces in the public sector, the potential creation of a single law-enforcement agency to fight fraud and the reform of Companies House to protect against future scams.