Investments  

MP writes to banks with concerns about fraud

The chairman of the Treasury select committee has written to the chief executives of three banks expressing concern that the level of fraud in the banking system may be understated.

Conservative MP Andrew Tyrie has written to Antonio Horta-Osorio, the chief executive of Lloyds Banking Group, Alan Keir, the chief executive of HSBC, and Anthony Jenkins, the chief executive of Barclays.

In his letter Mr Tyrie refers to evidence given to the committee by Dr Richard Clayton that while the banking industry regularly publishes how much money is lost to online banking fraud these figures do not include the amounts of money which were later recovered.

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Dr Clayton also told the committee banks do not collate figures showing how much money is at risk from fraud.

Mr Tyrie said: “The committee would be grateful to know whether [your bank] collates this information, and what other information you consider necessary to give a proper reflection of the scale and risks of fraud in the banking system.

“It is important that banks are transparent about these matters and do not, as previously, solely report the sums which are irretrievable.”