Wednesday, December 06, 2017

Introduce fraud prevention league tables so we know who to trust

The Liberal Democrats have backed calls for a ‘fraud prevention league table’ for banks so consumers have a choice about where they put their money.

Currently banks do not give this data to the government, leaving both the government, and more importantly consumers, in the dark over how safe their money is.

The call is backed by a Report today from the House of Commons Committee of Public Accounts titled 'The growing threat of online fraud' which warns that online fraud is now the most prevalent crime in England and Wales and that banks are not doing enough to tackle online fraud and their response has not been proportionate to the scale of the problem.

The league table proposal is similar to measures utilised by the car industry, which have found success not only in informing consumers, but also prompting the car industry to deliver improvements.

Liberal Democrat MP Layla Moran, who co-led the questioning on the Committee session, said:

"Clearly people have a right to know how safe their money is. When people are saving for a better future, when they are taking home their wage packet, they need to be able to make an informed decision about how safe their savings are.

“This measure has already to make cars safer, we now need to encourage a race to the top in the banking sector.

"Online fraud is now the most prevalent crime facing people in the England and Wales, yet adequate measures are not in place to protect consumers from fraud."

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