Britain has been named the fraud capital of Europe, with a rise of 1400% in the last decade. How can Labour lead a joined-up approach to take on scammers and keep £1.2bn of growth in our economy?
Visa is a leading payments network. The security of clients, customers and the UK economy has always been at the heart of what Visa does, having invested over £8 billion in technology, including to reduce fraud and enhance network security.
Fraud rates in the UK have nearly doubled in the last five years – up from £731m in 2017 to over £1.2 billion in 2022 — leading the CEO of UK Finance to call the UK “the fraud capital of the world”. And right now, financial fraud affects the most vulnerable people in our society.
There are simple policy solutions that can help us go further and faster in our fight to tackle fraud and end an epidemic causing social, psychological and economic harm.
