SCAMMING INDUSTRY IN THE UK

That this House recognises the increasing sophistication of the scamming industry; notes that, according to UK Finance, more than £500 million was stolen by scammers in the first six months of 2018; further notes that mobile banking fraud had risen by 54 per cent in the same period in 2017, with bank transfer scams accounting for losses of £800,000 every day; understands that internet banking fraud during this time totalled £54.7 million; expresses its concern that increases in major data breaches will result in more people being vulnerable to online hacking and identity fraud; further recognises the developments in sextortion, pension scams and impersonation fraud; condemns the rise in fraud recovery scams, which see victims of fraud targeted a second time; acknowledges the impact of such scams is not just financial loss, but a breakdown in consumer confidence; and urges the Government to ensure greater protections are in place for consumers, both to reimburse them for their losses if they fall victim to such a crime, and to increase efforts to raise awareness to help prevent scamming in the first place.