Cifas reposted this
What does the Labour Government mean for Fraud Policy – Cifas Explains. As the dust settles on a hard fought election campaign and new ministerial appointments are made, the fraud community will rightly ask what next? How will fraud policy change, what will the impact be and where will it head under Labour. For too long fraud policy has been an afterthought, something too complicated for the politicians to engage with and too long-term for the political cycle. Fortunately, things have changed. If the 2010s were a lost decade for the counter-fraud community, the 2020s were the rebounder. 2023 saw the publication of the UK’s first ever Fraud Strategy. Now, a little over a year later, Labour has committed to a second, its manifesto promising to introduce “a new expanded fraud strategy to tackle the full range of threats, including online, public sector and serious fraud” and significantly “We will work with technology platforms to stop their platforms being exploited by fraudsters”. While cynics may be tempted to dismiss another strategy as no more than a paper-based exercise with little impact outside Whitehall, this high-level political commitment is something the counter-fraud community should welcome. Noises around the Labour camp have made clear that the technology platforms will be incentivised to play a fuller role in helping not just prevent fraud from happening in the first place but in meeting the cost of harm and loss caused to UK consumers and business. Sources have also emphasised the importance of scale data sharing and enhanced ID verification as key to solving the UK’s fraud problem. Labour policy echoes key elements of the Cifas Fraud Pledges unveiled at Parliament on 15 May. Specifically, we have asked the next government to: 1) Ensure social media and online platforms to join the multi-sector response to fraud 2) Enhance the support available to victims of fraud It is good to see fraud policy front and centre of the new government’s agenda. The proposals, if enacted, will help plug key vulnerabilities in the UK’s fraud defences. Cifas stands ready to work with partners across the technology sector to help turn the tide on fraud and keep UK consumers and business safe. It is now time for the counter-fraud community to come together to work with the new Government to deliver a step change in the UK’s fraud response and help shape the next generation of reform. There is good reason to be optimistic: not least the recent pace of change seen under the last government is unlikely to be dimmed. On the contrary, there is every reason to suggest this pace will not only continue but will go further and faster. For a fuller summary of our thinking on the new Government and fraud see: https://lnkd.in/eZpfJh3T #Labour #GeneralElection #Government #FraudStrategy
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This is very promising from Labour: “Now, a little over a year later, Labour has committed to a second, its manifesto promising to introduce “a new expanded fraud strategy to tackle the full range of threats, including online, public sector and serious fraud” and significantly “We will work with technology platforms to stop their platforms being exploited by fraudsters”.