Santander warns customers who have £900 or more sat in bank account
Santander has warned a £420 billion "fraud" epidemic is sweeping the glove. One in five (21%) adults have been victims of fraudsters in the last three years, according to a landmark global report which surveyed 28,000 people across 15 countries.
More than 10 million people have been hit by fraud in the UK alone in the last three years – losing an average of over £900 each. UK Government must lead the drive for a new international agreement to crackdown on criminal gangs behind tidal wave of fraud, according to the Social Market Foundation report commissioned by Santander UK.
Across 15 countries, over a fifth (21%) of respondents reported having experienced fraud, with £168 billion falling into the hands of fraudsters. When including wider social costs – like the loss in productivity from having to deal with the aftermath of fraud – the 15 economies suffered a total of over £420 billion worth of damages.
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The SMF is calling for the UK Government to push for a comprehensive international agreement, including committing to prioritising and investing more resources into tackling fraud and prioritise the fight against fraud and establish a cross-departmental Economic Crime Leadership Group.
Other calls are to boost the law enforcement response to economic crime, to ensure that there is an alignment in interests amongst those private sector organisations that make up the ‘fraud chain’, including introducing legal duties on these organisations to ensure that they prioritise fraud prevention and bear relevant costs, to ensure that the new ‘Stop! Think Fraud’ public awareness campaign has long-term funding to enable it to continue for the next five years and to increase its support for bolstering low and middle-income countries’ anti-fraud law enforcement and regulatory capacity and capabilities.
Stephen White, Chief Operating Officer at Santander UK, said: “The report puts to paper the sheer scale of the fraudemic that we’re seeing. Despite the best efforts of banks and policymakers, the criminal gangs who sit behind fraud are enriching themselves to the tune of billions and costing the global economy hundreds of billions.
"Fraud has become a global phenomenon, as such it needs global, collective action. The UK is in a prime position to lead this charge, but we need renewed focus on tackling the fraudemic across Government, banks, and the global technology and communication companies that connect criminals with potential victims.”