A coalition of banks, telecoms and Big Tech firms has announced a new initiative to fight fraud. The group, called Stop Scams UK, will use a variety of tactics to disrupt scammers, including:
- Interacting with known scammers to gather intelligence on their methods
- Disrupting money mule networks
- Raising awareness of fraud among consumers
Stop Scams UK is made up of the UK’s largest banks, telecoms companies and Big Tech firms. The group was formed in 2021 in response to the growing problem of fraud in the UK. In 2021, the UK was hit by a record £2.3 billion in fraud losses.
The group’s new initiative is a welcome step in the fight against fraud. By working together, the group hopes to disrupt scammers and protect consumers and businesses from financial loss.
Simon Miller, director of policy and communications at Stop Scams UK, said: “We are committed to fighting fraud and protecting consumers. This new initiative will give us the tools we need to disrupt scammers and make it harder for them to operate.”
The group is calling on consumers to be vigilant and to report any suspicious activity to their bank or the police. They are also urging consumers to be aware of the latest scams and to be careful about sharing personal information online.
Stop Scams UK’s new initiative is a positive step in the fight against fraud. The group’s efforts to gather intelligence on scammers and disrupt their networks will help to protect consumers and businesses from financial loss.
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