Bobby Dean

Moving on to fraud—speaking of— I would like to focus on how fraud destroys lives. It eradicates people’s savings, it plunges people into debt and it diminishes people’s faith in human nature. Fraud is on the rise—it is up by almost a fifth—and it makes up nearly half of all crime in the UK. I know that the Government are set to release a fraud strategy soon, but there are worrying reports that a key component is about to be ditched. British banks pick up the tab for fraud in this country. They are the ones who reimburse the victims, even though the vast majority of fraud these days happens on online platforms. The Prime Minister himself recognises this, saying before the election that tech companies have a clear obligation and should have a clear financial incentive to tackle fraud. That commitment is what we are worried about being dropped—apparently to appease American President Donald Trump. The Government sent a gushing letter to big tech CEOs over the summer congratulating them on their efforts in tackling fraud, but UK Finance and the Financial Conduct Authority both disagree and say that big tech companies are not doing enough. Can the Government publish their fraud strategy and commit to holding big tech companies to account, ensuring that they are hit in the pocket for not tackling fraud?