This week, representatives from CCUK’s Fraud and Scams Working Group met with Lord Vaux, Lord Browne and Lord Cameron, following a recent House of Lords debate regarding financial liability and the telecoms sector in relation to fraud.
Lord Vaux, who raised the debate, is a member of the House of Lords Financial Services Regulation Committee and is a chartered accountant. He has made numerous contributions in the House of Lords on fraud, including on push payment fraud.
CCUK set out the complex nature of the fraud chain and how telecoms networks are misused and exploited by criminals, as well as the significant resources the industry takes to tackle fraud.
By the end, the Lords were keen to continue the conversation and understand more about potential solutions to reduce rates of fraud. CCUK will continue to engage with them going forwards.