Weekly Events Blog: December 14 | IPT

Tackling Fraud Post-Pandemic 

On Tuesday 14 December, the Industry and Parliament Trust (IPT) with support from the City of London, hosted a virtual event between parliamentarians and industry representatives entitled ‘Tackling Fraud Post-Pandemic.’ The discussion welcomed guest speakers Commander Clinton Blackburn, Head of the City of London Police’s Economic Crime Directorate and David Divitt, Vice-President, Financial Crime Solutions, Mastercard. The discussion focused on the challenges for keeping individuals and organisations safe from becoming fraud victims. 

Key discussion points

  • Fraud represents one third of all crime in the UK, yet only 1% of dedicated policing resources are aimed at it. It suffers from a lack of resources as they are in high demand from other crime types
  • There has been a large increase in fraud as a result of greater digital movement and adoption. AI and bots are used to automate, split and move fraudulently acquired money, causing an increase of attacks
  • The main focus for reducing fraud should be prevention. Encouraging people to become savvier and recognise traps, providing them with tools to spot and avoid fraud is a priority. Starving fraud rings of success and finances would be more beneficial to society as arrests and prosecution can be incredibly difficult to achieve. Creating a protect network with data sharing and collaboration is crucial to reducing crime 
  • There are misconceptions that fraud can be a victimless crime. The Online Harms Bill is expected to help with platforms being held accountable