On 10 February 2016, the government announced the launch of a Joint Fraud Taskforce.

The Taskforce has been developed by the Home Office which has worked with the financial sector and law enforcement.  It aims to:

  • Improve intelligence sharing and close loopholes thereby making it more difficult for fraudsters to operate.
  • Increase public awareness to help protect individuals and businesses from becoming victims of fraud.
  • Put in place interventions to support victims of fraud.
  • Develop understanding of how fraud happens and what can be done to prevent it.

Theresa May, Home Secretary, stated that the only way to tackle fraud effectively is a “much closer and effective collaboration between industry, government and law enforcement”.

The Taskforce (which includes Financial Fraud Action UK, the City of London Police, National Crime Agency, Bank of England and fraud prevention agencies of major banks) will report to the Home Office.