Fraud attacks on consumers are ‘national security threat’, say UK banks

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Also on Wednesday, MPs in the Treasury Select Committee are grilling bosses from Facebook, Google, Amazon and eBay about whether companies are doing enough to prevent financial fraud UK banks have warned that the rise in the number of consumer fraud attacks during the coronavirus pandemic is becoming a "national security threat". Roughly £754mln has been stolen by criminals through bank frauds in the first six months of 2021, up 30% on the same period last year, according to a report by banking industry lobby group UK Finance. Levels of fraud have risen during the pandemic as more consumers were forced to shop online and try digital banking and investing. Banks are calling for the government to coordinate a plan to help prevent fraud, starting with tweaks to the planned Online Safety Bill, which currently has nothing to prevent dodgy online advertisements. "The level of fraud in the UK is such that it is now a national security threat," Katy Worobec, managing direct
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