Partner Richard Cannon comments on the UK’s new strategy for combating fraud, and argues that more must be done to help fight the rising tide of financial crime.
“While the measures outlined by the government in their new fraud strategy are a step in the right direction, more must be done if the UK is to fight the rising tide of fraud.
“Ultimately, these plans place a great deal of emphasis on reporting, but the government’s strategy for materially preventing fraud and prosecuting fraudsters, outside of tackling phone scams, remains unclear.
“Measures such as a new National Fraud Squad and a £30 million in a state-of-the-art reporting centre are all well and good, but will likely take several years to be fully implemented and effective, leaving the public vulnerable to fraud.
“In other areas such as cryptocurrency, the measures reflect how the government is lagging behind in regulating the sector. Outlawing cold calls peddling fraudulent crypto schemes is a drop in the ocean compared with the fraudulent investment schemes that proliferate online, which crypto fraudsters favour for attracting victims.”
04 Dec 2023