Frontier research into financial scams has today been published by Barclays.
The work explores the increasing trends in financial scams in the UK, how the scams operate, and the scale of the current activities in place to prevent these types of fraud. We also spoke to senior individuals from across the ‘scams ecosystem’ to understand views on what further action can be taken - covering the financial, telecommunications, and tech sectors, and the wider regulatory and enforcement community.
Building on recent initiatives, there is strong consensus that more action is needed from all parties, and a willingness from everyone to do more. Greater cross-sectoral collaboration is desired across five main areas: (1) Increased data sharing; (2) Joined up regulation and enforcement; (3) Continued investment in technological solutions; (4) Coordination of consumer education and awareness initiatives; and (5) Victim support.
Building on the findings of the research and the policy framework developed, Barclays also makes a series of specific and actionable recommendations in a ‘Scams manifesto’.
Please click here to read the research.
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