Fraud costs us £190bn each year: Paul Brehony & Kate Gee review the House of Lords’ post-inquiry recommendations
- Covers the November 2022 report by the House of Lords’ Digital Fraud Committee, ‘Fighting fraud: breaking the chain’.
- Highlights key recommendations and six steps to tackle fraud, including asking the Payment Systems Regulator to look into slowing down certain payments and creating ‘failure to prevent’ corporate criminal offences.
A recent report by the House of Lords asserts that the UK’s battle against fraud is ‘under-resourced, under-prioritised, and its impact is widely under-estimated’. The report, ‘Fighting fraud: breaking the chain’, was published in November 2022 by the Digital Fraud Committee, a committee appointed by the House of Lords to consider the Fraud Act 2006 and digital fraud.
Baroness Morgan of Cotes, chair of the committee, concluded: ‘Successive governments have failed to tackle fraud with the priority it deserves. If citizens were being routinely mugged and having millions of pounds stolen from their wallets in broad daylight, every organisation involved in allowing this to happen would have no
