Fraud

We monitor fraud trends very closely. Fraud is a growing transnational threat that requires urgent action. That is why the Government are developing a new fraud strategy, which covers better collaboration with industry, improved public awareness and improved collaboration with international partners.

The figures were, of course, coming down, but the incidence of fraud—much of it online—is now back up to a new high. Many factors are involved, but will the Government look at taking further steps, including requiring enhanced intelligence sharing between platforms and banks, and better mandatory user identification on sites such as dating apps and online marketplaces?

I know that the right hon. Gentleman takes these matters seriously, but I gently remind the House that under the last Government, Lord Agnew, then Minister with responsibility for countering fraud, literally resigned at the Dispatch Box. Among other things, he accused the Treasury of having “little interest” in the consequences of fraud for our society. It is precisely because of the important points that the right hon. Gentleman raises that a national fraud squad of some 400 new specialist investigators is being recruited. That will be led by the National Crime Agency’s national economic crime centre, working closely with the City of London police. We will do all we can to protect the public from fraud.

A study last year showed that more than two in five people over 50 had been scammed in the last five years, losing an average of £2,000 in each scam. In half of those cases, the money was never recovered—and that is just at the small end of the scale. Even in the past two weeks, as a result of developments in artificial intelligence, there have been exponential improvements to scams, which are more convincing and realistic than ever before. What is the Home Office doing to protect people, especially the more vulnerable, by informing them about AI scams?

The hon. Lady is absolutely right to raise concerns; the numbers that she references are deeply concerning. Combating fraud and beating scammers requires raising public awareness, and I am grateful for the work that she has done on this. I can tell her that the Home Office is working closely with the banking, telecoms, digital and tech sectors to improve systems and share data faster with law enforcement. Over 60 stakeholders from across industry are involved in the development of our new fraud strategy. Public communications, targeted support for the most vulnerable and AI are key parts of our strategy.

The Government have outlined a clear ambition to make the UK a global hub for the crypto industry, to support our growth mission. Many of our constituents are already regularly engaging with crypto. What assessment has the Minister made of the crypto sector, and particularly of the steps required to protect consumers and investors while ensuring that we allow the industry to develop?

Stability and security remain key to ensuring the health and growth of the UK economy; protecting investors and consumers is central to that. We are continually evolving our capabilities, including by working closely with industry partners to ensure that security is front and centre of the UK’s framework for the crypto sector.

Facebook Marketplace is responsible for three quarters of the fraud on social media, yet it seems uninterested in doing anything about that. Will the Minister assure the House that he will take Facebook to task, in order to clamp down on that fraud and make sure that consumers are protected?

The Online Safety Act 2023 will require tech companies to take measures to prevent fraudulent content on their platforms or face significant fines. Under the Act, the largest firms will be required to do all they can to prevent fraudulent advertising from appearing on their platforms.