Banks Not Doing Enough to Combat Britain’s £10bn Online Financial Crime Surge, MPs Warn

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Banks are not doing enough to combat Britain’s £10bn (€11.3bn) online financial crime surge, MPs have warned.

The Commons Public Accounts Committee (PAC) said banks need to take more responsibility for preventing cyber-related fraud which is now the most common crime in England and Wales.

The PAC also called for much greater transparency from banks as the true extent of the problem is not known with only around 20% of incidents reported to the police.

The study states: “Banks do not accept enough responsibility for preventing and reducing online fraud and there is no data available to assess how well individual banks are performing.

“Banks can refuse to reimburse customers who have been scammed and ’voluntarily’ transferred money, and shifting more responsibility onto banks for scams is likely to make them better at protecting customers.”

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