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Responding to the Government's draft Online Safety Bill, David Postings, Chief Executive of UK Finance, said:
We're pleased that the upcoming Online Safety Bill will tackle some aspects of fraud, but it won't protect people from all fraud that takes place online. As more of us have shifted online because of the pandemic, we've seen a spike in money mule activity, investment and purchase scams over the last year because criminals can target people directly in their homes across online platforms. Whilst the Bill includes fraud via user generated content on social media sites and dating apps, it won't cover cloned websites and online adverts which fraudsters pay for. "We encourage government to include all economic crime within the Bill when it is formally introduced. Not doing so leaves a large proportion of the public at high risk of being scammed online, because criminals are experts in adapting their tactics to exploit any loopholes.
We're pleased that the upcoming Online Safety Bill will tackle some aspects of fraud, but it won't protect people from all fraud that takes place online. As more of us have shifted online because of the pandemic, we've seen a spike in money mule activity, investment and purchase scams over the last year because criminals can target people directly in their homes across online platforms. Whilst the Bill includes fraud via user generated content on social media sites and dating apps, it won't cover cloned websites and online adverts which fraudsters pay for.
"We encourage government to include all economic crime within the Bill when it is formally introduced. Not doing so leaves a large proportion of the public at high risk of being scammed online, because criminals are experts in adapting their tactics to exploit any loopholes.
<p>UK Finance is the collective voice for the banking and finance industry. Representing almost 300 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation.</p>
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