Tag: Baroness Liddell of Coatdyke

The below Parliamentary question was asked by Baroness Liddell of Coatdyke on 2016-05-25.

To ask Her Majesty’s Government what discussions they have had with UK banks about proposals to remove protection from customers whose accounts have been fraudulently accessed.

Lord O’Neill of Gatley

The government takes the resilience of the financial sector, and the protection of bank customers, very seriously. Making sure that everyone has access to basic banking and financial services is at the heart of the government’s long term economic plan. The government is working with the banking industry, the retail sector, and law enforcement agencies to put in place the right steps to tackle online fraud against the public.

As the Chancellor announced in November, the government is creating a new National Cyber Security Centre, which will open in October. Its recently launched prospectus outlines the Centre’s proposed vision, goals and work. In February, the Home Secretary launched the Joint Fraud Taskforce, which aims to use the collective powers, systems and resources of banks, payment providers, police, wider law enforcement and regulators to tackle fraud, and raise awareness of the risk of fraud among consumers. Further details on both can be found on the GOV.UK website.

The below Parliamentary question was asked by Baroness Liddell of Coatdyke on 2016-05-25.

To ask Her Majesty’s Government what discussions they have had with GCHQ about the security of customers of UK financial institutions.

Lord O’Neill of Gatley

The government takes the resilience of the financial sector, and the protection of bank customers, very seriously. Making sure that everyone has access to basic banking and financial services is at the heart of the government’s long term economic plan. The government is working with the banking industry, the retail sector, and law enforcement agencies to put in place the right steps to tackle online fraud against the public.

As the Chancellor announced in November, the government is creating a new National Cyber Security Centre, which will open in October. Its recently launched prospectus outlines the Centre’s proposed vision, goals and work. In February, the Home Secretary launched the Joint Fraud Taskforce, which aims to use the collective powers, systems and resources of banks, payment providers, police, wider law enforcement and regulators to tackle fraud, and raise awareness of the risk of fraud among consumers. Further details on both can be found on the GOV.UK website.

The below Parliamentary question was asked by Baroness Liddell of Coatdyke on 2016-05-25.

To ask Her Majesty’s Government what action they are taking to limit online financial fraud.

Lord Ahmad of Wimbledon

This Government is clear that more must be done not only to disrupt and prosecute criminals but also to protect people and businesses from becoming victims of fraud. In February this year the Government launched the Joint Fraud Taskforce a genuine collaboration of banks, law enforcement and government. It is the first time these organisations have come together to tackle fraud, and particularly to focus on those issues that have been considered too difficult for a single organisation to manage alone. The Taskforce has five work strands which are:

– Understanding the Threat – Bringing together data to agree key threats, vulnerabilities and drivers of fraud;

– The Collective Response – Better targeting to disrupt and catch fraudsters, through increased cooperation between banks and law enforcement;

– Victims & Vulnerability – More efficient identification of victims, including addressing the barriers preventing return of funds to victims;

– Behaviour Change – better targeted messaging on fraud prevention and,

– Tackling systemic vulnerabilities – Designing out vulnerabilities and loopholes in systems and processes which fraudsters exploit.

The Government has also published in March this year "A Guide for Consumers: Staying Safe When You Shop and Bank Online." The report draws on real life, anonymised examples of reported crimes and provides simple but effective advice on how the people can protect themselves from these types of frauds: https://www.gov.uk/government/publications/a-guide-for-consumers-staying-safe-when-you-bank-or-shop-online