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Britain’s biggest banks, technology and telecoms companies have pledged to step up efforts to share live fraud data, as calls grow for the government to take stronger leadership in coordinating the fight against online scammers.
The coalition said it was moving from a testing phase to real-time exchange of fraud indicator data — such as suspicious URLs or unusual transaction activity — to detect scammers faster than existing systems.
Barclays, Lloyds, Santander, Nationwide, HSBC, NatWest, Monzo are among the signatories of the joint statement, as are tech companies and Amazon, Google, Match Group, Meta and telecoms groups BT and Three.
Fraud offences account for 41 per cent of all crimes in England and Wales, costing an estimated £6.8bn each year, according to the Office for National Statistics.
“By making this pledge, our members are redoubling their efforts to create a safer environment for all business and consumers online,” said Ruth Evans, chair of Stop Scams UK, the cross-sector umbrella group leading the initiative.
A two-month data-sharing pilot was trialled in 2023. But the amount of information exchanged in the initial phase by participating banks, tech and telecoms groups had been “negligible”, said chief executive Mark Tierney.
The scheme had since changed “exponentially”, he said, crediting the introduction of an automated system that could move “tens of thousands” of data points a day between the three sectors.
The initiative is separate to Meta’s data-sharing accord with NatWest and Metro Bank that began last year and led to the removal of 20,000 scam accounts.
The proof of concept showed cross-industry sharing can flag scams at least a day earlier than banks’ monitoring systems, said Stop Scams UK.
Meta’s head of security policy, Nathaniel Gleicher, said the company would “continue to invest heavily in detection and enforcement” and work with governments, banks and peers to disrupt “transnational scammers”.
With reported fraud rising by a fifth in 2024, according to ONS data, campaigners warn industry efforts must be matched by stronger leadership from the government.
Labour MP Luke Charters said “the government needs to take a leadership role — possibly through the NCA [National Crime Agency] — in convening data exchange”. He added: “There have been many pilots over a long time, but we need to reach that next scale.”
Lloyds fraud director Liz Ziegler said it was right for government to take a guiding role by “raising expectations on certain sectors to act”.
Fraud minister Lord Hanson announced last week that work had begun on a new fraud strategy including proposals on international co-operation and tackling “AI-enabled” crime.
Hanson said the government was “determined to help industry to overcome” those barriers that have prevented the “speedy and effective exchange of data”.
“I look forward to engaging with all the sectors involved as that important work continues,” he added.
Rocio Concha, director of policy and advocacy at consumer group Which?, urged the fraud minister to publish a strategy urgently “with meaningful and bold actions, and put in place central leadership to co-ordinate a joint effort across government and businesses”.
Additional reporting by Akila Quinio
