Today I announced the launch of the Joint Fraud Taskforce.
Fraud is a serious crime which shames our financial system. Fraudsters not only prey on vulnerable members of our society, but use the proceeds of their crime to fund terrorism, and other heinous acts. Fraud damages the lives of individuals, the bottom line of businesses and negatively impacts on the UK’s economy.
The Home Office has worked with the financial sector and law enforcement to develop a Joint Fraud Taskforce to strengthen our collective response on fraud. The taskforce will make it much more difficult for fraudsters to operate by improving intelligence sharing and close the loopholes which they exploit. It will help protect individuals and businesses from becoming victims of fraud by increasing public awareness and put in place interventions to support those who have been a victim. It will develop a much richer understanding of how fraud happens, and what can be done to stop it.
The only way we can effectively tackle fraud is for much closer and effective collaboration between industry, Government and law enforcement. Senior representatives from the financial sector and law enforcement have given their commitment to fully support the objectives and the work of the taskforce.
The taskforce will report progress under Home Office governance. Public updates will also be provided.