UK Report Condemns Financial Firms’ Fraud Strategy

A UK government committee has called for new standards to prevent online financial fraud, in a damning report that criticised the ability and willingness of the industry to tackle the phenomenon.

The Public Accounts Committee has published findings on an inquiry into the scale of online fraud in the UK, urging the Home Office to deliver an action plan on how to address the growing threat by spring next year.

It said that in the year to September 2016 there were an estimated 1.9m incidents of cyber-related fraud in England and Wales, resulting in losses of billions of pounds.

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