Regulation  

Fraud taskforce launched by government

Fraud taskforce launched by government

The government has announced the formation of a Joint Fraud Taskforce, targeting the serious crime “which shames our financial system” according to the home secretary.

Theresa May launched the taskforce today (10 February) and stated fraudsters not only prey on vulnerable members of our society, but use the proceeds of their crime to fund terrorism.

“Fraud damages the lives of individuals, the bottom line of businesses and negatively impacts on the UK’s economy,” she noted.

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The Home Office has worked with the financial sector and law enforcement to strengthen the collective response on fraud.

It aims to make it much more difficult for fraudsters to operate, by improving intelligence sharing and closing the loopholes which they exploit.

Ms May said: “It will help protect individuals and businesses from becoming victims of fraud by increasing public awareness and put in place interventions to support those who have been a victim.”

Senior representatives from the financial sector and law enforcement have given their commitment to fully support the objectives and the work of the taskforce, she continued, adding that the taskforce will report progress under Home Office governance.

The move follow’s the government’s Insurance Fraud Taskforce putting forward a series of measures to tackle insurance fraud and reduce costs for consumers last month.

peter.walker@ft.com