In response to fraud figures for 2021 published by UK Finance. Kate Frankish, Chief Business Development Officer and Anti-fraud lead at Pay.UK said:

“These numbers provide further worrying proof of the scale and seriousness of the fraud taking place in the UK. Fraud has a devastating financial and emotional impact on victims and it’s vital that everyone in the payments industry works together to defeat it.

“We need to fight together, with better collaboration and knowledge sharing between banks, the government, regulators, telecoms and social media companies, and law enforcement. We need to increase public awareness of the risks of fraud. And we need to share data and technology that can spot the crime and enable banks and payment providers to intervene before it happens.

“Pay.UK’s role is to create tools that help banks make better judgements on potentially fraudulent payments before they are made. We are working with our regulators and the industry to develop and implement better protection for victims of fraud. Combining industry data and our technology will help us all stay one step ahead of the fraudsters.”