Influential group of MPs recommends overhaul of how fraud is tackled – but scam victims say plans do not go far enough
An influential group of MPs has recommended an overhaul of how fraud is tackled – but scam victims say the plans do not go far enough.
The scourge of financial fraud worsens every month, with more than £4million stolen every day in the UK. The Mail on Sunday has called for tougher measures to fight fraudsters and protect victims as part of its Nail The Scammers campaign.
The Treasury Committee last week recommended a range of fixes, including a new Government department set up to tackle fraud.
Taking a stand: The scourge of financial fraud worsens every month, with more than £4million stolen every day in the UK
It also called for fraud victims to be reimbursed automatically by banks when they are tricked into handing over their cash.
And in a victory for The Mail on Sunday, the committee called for Companies House to be overhauled so that its register cannot be manipulated by scammers.
In recent months, we have shown how scammers are currently able to set up fake companies with ease to give themselves an air of legitimacy – or apply for loans and abuse Government support. But victims of fraud have told The Mail on Sunday that the fixes must go further.
Peter West, 83, was swindled out of £8,061 and was only reimbursed by his bank when The Mail on Sunday intervened. Peter, from Northamptonshire, is grateful he got his money back, but says: ‘Reimbursing is like locking the door once the horse has bolted.’
Catriona Oliphant, 61, was scammed out of £239,000 last year, and was only reimbursed by her bank, HSBC, when we intervened. She believes the time for endless reports is over.
‘Stop consulting and take action,’ she says. ‘There is already a scheme that requires banks to reimburse blameless customers, but banks do not follow it.’