Reaction: £31.2 million on fraud prevention

UK Finance announced earlier today that a specialist police unit funded by the banking and finance industry prevented £31.2 million of fraud and disrupted 23 Organised Criminal Groups (OCGs) in 2019. Peter Janes, CEO and founder of Shieldpay, offers his thoughts on the challenges for the industry.

Peter Janes, CEO and Founder of payments solution Shieldpay: “The industry is stepping up the fight against fraud and there are encouraging signs that we are moving in the right direction. But, in reality, £31.2 million of fraud prevention barely scratches the surface of a massive issue which impacts people both financially and emotionally every day. New and sophisticated methods of obtaining financial details and money from unsuspecting victims are popping up all the time, so the approach to tackling fraud must undergo a fundamental shift. This shift must put technology at the heart of the fight and ultimately stop people unknowingly transferring money into the wrong hands.”