Fraud Committee to question financial services and telecoms sectors

These evidence sessions will be held remotely and streamed on Parliament TV.

At 9.30am the committee will hear evidence from:

• Brian Dilley, Group Director of Economic Crime Prevention, Lloyds Banking Group
• Geraldine Lawlor, Global Head of Financial Crime, KPMG LLP
• Nicholas Taylor, Head of Policy and Public Affairs, Revolut UK.

Questions the committee is likely to cover in this session include:

• How are financial services companies seeking to restrict and disrupt opportunities for fraudsters to target customers?
• What steps are being taken by financial services firms to educate their customers about fraud awareness?
• Are there particular challenges for digital banks in detecting and preventing digital fraud?
• What has been the impact of Faster Payments and what could be done to slow down the pace of fraudulent money transfers?
• Should both the reimbursement of victims by banks and the reporting on rates of reimbursement be mandatory?

At 10.30am the committee will hear evidence from:

• Alex Towers, Director of Policy and Public Affairs, BT
• Hamish McLeod, Chief Executive, Mobile UK

Questions the committee is likely to cover in this session include:

• What can telecoms companies do to disrupt the business models used by fraudsters and protect against authorised fraud?
• How do you work with other sectors and regulators to prevent fraudsters ‘cashing out’ money stolen using telecoms services?
• What is the scale of international telecoms fraud?
• Why are so few fraudsters using telecoms networks to conduct fraud being prosecuted?

More on this inquiry

Fraud is the most commonly experienced crime in England and Wales, causing losses of billions per year. The committee will consider what measures should be taken to tackle the increase in cases of fraud. It will consider how the provisions laid out in the Fraud Act 2006 are used in practice for the detection, prevention and prosecution of fraud, and explore whether the Act is in need of reform. The committee will pay particular attention to how the Act is being applied to tackle fraud committed online or through digital means.

Read the transcript of the committee’s previous oral evidence sessions on 3 March 2022. Former Treasury and Cabinet Office Minister Lord Agnew of Oulton was among the witnesses.

Read the committee’s call for evidence which was published yesterday.

The committee’s work can be followed on its website and via Twitter.