To tackle fraud properly, Big Tech must play its part

In Parliament this week, I brought back to the House an issue I have raised before: fraud.

Fraud is a devastating crime that can wipe out people’s life savings, plunge families into debt, and cause lasting trauma. It is now the most frequently experienced crime in Britain, which is why the Government’s approach needs to match the scale of the problem.

On Monday, the Government published its National Fraud Strategy. But anyone would be forgiven for missing it, because no Minister came to parliament to set it out. Given how prevalent fraud has become, I think we have to ask why such a significant strategy was released with so little visibility or scrutiny.

In my view, the answer is that a key pre-election commitment appears to have been quietly dropped. The Prime Minister had previously said that big tech companies should be held financially accountable for their role in fraud. Yet when the strategy was published, that commitment was not enforced. Instead, the Government’s approach seems to rely on an industry working group, essentially talking to the sector and asking it to act.

The banks and financial regulators are unhappy about this, and it is not hard to see why. Banks are often the ones left paying compensation when customers are scammed, and they argue that when they try to get big tech companies to respond, action is too slow and too inconsistent. They believe the only thing that will drive real change is if the platforms also face financial consequences when fraud occurs.

That is why I asked the Leader of the House to organise for a Minister to come to Parliament and explain why that commitment was dropped and what the Government will do to ensure big tech plays its full part in tackling fraud.