Banks and financial institutions may have stringent systems in place to prevent fraud, but this issue must be tackled across society.
It should not be left to banks and financial institutions to fight the rising tide of fraud in the UK, whether linked to coronavirus or otherwise, according to Katy Worobec, managing director of economic crime at UK Finance.
A Which? Money investigation recently uncovered 50 instances of fraudulent activity across social media sites Twitter, Facebook and Instagram, including the selling of personal information and fake passports.
Which? reportedly struggled to have the posts, and the groups that hosted them, taken down by the sites, and called attention to the apparently lax measures in place to prevent fraud on these platforms.
In response to these findings, Worobec said: “Criminal gangs are continuing to exploit social media platforms to commit fraud, whether it’s selling stolen identity and card data, recruiting ‘money mules’ or targeting the public with coronavirus scams.”
Banks and financial institutions may have stringent systems in place to prevent fraud, including investing in advanced security systems and real-time analysis to spot suspicious transactions, providing the latest advice to help the public protect themselves, and funding the Dedicated Card and Payment Crime Unit (DCPCU) of the police.
However, Worobec warned that this is an issue that must be tackled across society for prevention to be truly effective.
She said: “Banks are taking action on all fronts to protect customers from fraud, including working closely with law enforcement to identify and take down fraudulent activity on social media where possible.
“But we cannot win this fight alone.
“Every part of society including social media companies must play their part in protecting innocent victims and preventing money getting into the hands of criminals.”
