With more than £1.3bn lost in the UK through fraud and scams in 2021, how to tackle the problem remains open to question. Banking industry body UK Finance, which identified the scale of losses in its annual fraud report, has called for greater cross-sector action to tackle the problem.
However, Sean Devaney, vice-president, strategy for banking and financial markets at systems integrator CGI, says cross-sector action on fraud will be “incredibly difficult” to co-ordinate. “Even within the banking industry, sharing fraud data has always been a bit of a challenge. The big banks have a lot of the data already, so it’s mainly the smaller players who benefit, which means that the bigger players are often reluctant to share information,” he says. “Expanding that out to other sectors means that there will be an exponentially growing number of competing requirements and agendas.”
