Major Banks and Tech and Telecom Giants Sign Joint Statement to Combat Fraud in the UK

Stop Scams UK, a coalition uniting private sector institutions to combat fraud, announced a joint statement signed by its key members across financial services, technology, and telecom sectors. The initiative aims to drive forward collaborative counter fraud efforts to protect consumers.

Major financial institutions such as Barclays, Lloyds, Santander, Nationwide, HSBC, NatWest, and Monzo have signed the statement, alongside global tech firms, including Amazon, Google, Match Group, and Meta, as well as telecom giants BT and Three. They will further support Stop Scams UK’s intelligence sharing pilots.

The joint statement emphasizes the alarming prevalence of fraud, now the most common crime in England and Wales, accounting for 41% of all crime. It calls for enhanced cooperation, intelligence-sharing, and resource-focusing between industry, government, and law enforcement to efficiently detect, block, and take down bad actors. 

With the signing of this statement, coalition members have committed to investing in finance, data, and technology.