Connect with us

International

UK anti-fraud group increases anti-fraud pressure on big tech

Avatar

Published

on


The unusual alliance of big banks and telecommunications companies is trying to convince the tech giant to fight UK financial scams, putting pressure as MPs, police and regulators all demand the industry to do more.

The online marketplace eBay has become the first major technology group to join Stop Scams UK, a new group backed by all large banking and telecommunications groups, including Vodafone and BT, as the sector has increased its legislative threat. Forces you to take action.

According to figures released last month by trading group UK Finance, UK consumers lost more than £1.2 billion in scams in 2020.

The surge in activity puts a special burden on the bank. NatWest, for example, currently spends as much on fraud detection and compensation for victims as it runs an entire branch office network, the two explained.

Stop Scams UK said it is taking steps, including a way for customers to securely contact the bank if they suspect a fraudulent message or phone call, “phishing,” but said support from the technical group is important.

SSUK Chairman Ruth Evans said: “It is very important to have a shared responsibility and commitment to combat fraud. . . We’ve now started a fantastic cross-sector collaboration, but if major tech companies get involved, we can do a lot more.

Criminals quickly took advantage of social media and other technical channels. The most common scam reported to Lloyds Banking Group involves customers paying for items in online stores like Facebook Marketplace via bank transfer. The seller disappeared after payment.

Much attention has been focused on encouraging banks to compensate victims, but banks are concerned about rising costs and believe that other companies, especially those that make money from scammers advertised on the platform, should share some of the burden.

One senior banker said, “If you’ve been scammed on the Facebook Marketplace, why can’t Facebook help you get those customers right?”

“There’s a big debate about reimbursements, but by reducing the amount of fraud that happens in the first place, the discussion will be settled to make everyone happy,” said Ashley Hart, SSUK Board Director and TSB Fraud Head.

Executives of some of the UK’s largest banks have run private lobby groups, including Amazon, over the past year, but little progress has been made. However, they hope that broader groups like SSUK will encourage them to change.

When SSUK was first established last year, it had contact with several technology companies, but none of them were involved in the initiative. However, Evans said he had received positive responses from several companies after writing again last month.

EBay told the Financial Times that it was “open to UK anti-fraud aid,” but stressed that the conversation is in its infancy. “We met Stop Scams UK and we’re continuing to be involved,” Facebook said, highlighting a recent internal fraud prevention project.

Google also pointed to its own internal initiatives, but did not mention any talks with SSUK. Amazon did not respond to requests for comment.

Technology companies are under pressure from many aspects of having to change their approach to scams. Last Sunday, lawmakers from the Labor and Pensions Commission complained that regulators “looked helpless” to be held accountable for them.

A senior police officer told the commission this year that online safety legislation should include online fraud, which risks fines tech companies if they don’t remove illegal content quickly.

Bank of England governor Andrew Bailey backed up this approach in a letter last month, and weighted SSUK as well. Bailey attended a recent SSUK roundtable with the heads of several banks and telecommunications companies, saying, “Scams today are a major problem for our society and economy. Changing the tide requires significant cross-sectoral effort. . . So I look forward to the progress we can make through full participation in the technology sector.”

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos



picture credit

ExBUlletin

to request, modification Contact us at Here or [email protected]