Major banks in the UK have joined hands with technology and telecom firms, aiming to combat fraud with data sharing across sectors.
The initiative is being led by Stop Scams UK, which represents across banking, telecoms and technology.
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With fraud accounting for 41% of all crime in England and Wales, this initiative seeks to share intelligence, focus resources, and develop communication strategies to safeguard the public and bolster UK economic growth.
Fraudsters often exploit multiple channels to deceive victims, making it challenging for organisations to detect and prevent scams.
Stop Scams UK’s approach involves sharing intelligence and resources to stay ahead of these threats.
The collaboration includes companies such as Amazon, Barclays, BT, Google, HSBC, Lloyds, Nationwide, NatWest, Match Group, Meta, Monzo, Santander, and Three, all of which have signed a joint statement to support intelligence sharing pilots within the initiative.
By signing the joint statement, members commit to investing in finance, data, and technology, supporting each other to create a beneficial ecosystem for data dissemination.
The joint statement emphasises the necessity for industry, government, and law enforcement to work in unison to effectively counteract fraud.
National Crime Agency director general (Threats) said that Stop Scams UK were “key innovators” in the data sharing space and were “enabling and supporting the sharing of data to prevent crime.”
Through Stop Scams UK, members are sharing technology, data, and intelligence to beat fraudsters on the platforms they use.
Following successful proof of concept, Stop Scams UK has developed data and intelligence sharing pilots that demonstrate the potential to outpace fraudsters.
The members are now focused on accelerating, building, and scaling these efforts. The partnership aims to protect more customers, increase consumer awareness, and stop more criminals.
Barclays UK CEO Vim Maru said: “At Barclays, the protection of our customers’ money and data is our highest priority, and we firmly believe that collaboration is our best strategy to win the fight against fraud, which is still the most common crime that this country faces.
“As a founding member of Stop Scams UK, we welcome the opportunity to work together with the technology and telecommunications sectors, regulators, government, and law enforcement to combat fraud.”
