Government urged to establish a National Anti-Fraud Centre, according to Innovate Finance's proposal
The UK is set to establish a National Anti-Fraud Centre as part of its anti-fraud strategy, a move that has garnered support from MP Luke Charters and fintech initiatives led by Innovate Finance. This proposed centre aims to be a centralised hub for coordinating efforts against fraud, fostering collaboration between government, industry, and technology sectors.
At the heart of the centre's operations is a public-private partnership model. This partnership brings together banks, fintechs, government agencies, and other stakeholders to jointly combat fraud and financial crime. By leveraging technology, data sharing, and regulatory innovation, the centre hopes to strengthen defences against fraud.
The centre is expected to integrate and support initiatives such as the UK’s digital company ID and trusted digital identity frameworks. These initiatives aim to reduce fraud by verifying identities more securely and efficiently, particularly for onboarding businesses and financial services.
Enhanced data sharing and technology adoption are also key features of the centre. Through trust registries, AI, and shared databases, the centre would facilitate better detection, prevention, and response to fraud threats by aligning standards and governance across sectors.
The centre is envisioned to serve as a single point for collecting intelligence on fraud, enabling coordinated responses and public awareness campaigns, similar to the Canadian Anti-Fraud Centre model.
The proposed centre is intended to enable real-time cross-sector data sharing, aligning with the strategy's goal to harness technology via data sharing to strengthen collaboration between industry and law enforcement. The strategy also proposes a coordinated, cross-sector response to counter the threat of fraud, involving financial institutions, regulatory bodies, law enforcement, and policymakers.
The amendment of the Online Safety Act 2023 is part of the plan, which would introduce a reporting framework and create a fraud origination redress fund and a dispute resolution process. The strategy aims to halve fraud in the UK by 2028 and aspires to smash fraud in the UK, as stated by Janine Hirt, CEO of Innovate Finance.
MP Luke Charters, in support of the centre, believes it could serve as a formidable force against fraudsters, enabling real-time threat detection and disruption. Innovate Finance has also called for shared liability for social media and telecommunications firms to tackle fraud on their platforms.
The strategy's goal is not just to combat fraud but also to create jobs and growth, and to export solutions in the anti-fraud tech industry, building a "world beating" UK anti-fraud tech industry. Innovate Finance has proposed this new anti-fraud strategy, emphasising the need for a more collaborative, targeted, and effective approach to anti-fraud efforts. The strategy also aims to unite insights, intelligence, and expertise from across industries to combat fraud at scale.
Innovate Finance wants the government to ensure the National Anti-Fraud Centre is easily accessible by firms of all sizes, reflecting the centre's role as a collaborative, technology-enabled platform integrating digital identity tools and public-private sector efforts to effectively prevent, detect, and respond to fraud across the UK.
- The UK's National Anti-Fraud Centre, as part of its strategy, aims to be a global leader in the fintech industry by fostering collaboration between government, industry, and technology sectors.
- The centre will leverage technology, data sharing, and regulatory innovation to strengthen defences against fraud and financial crime, integrating initiatives like the UK’s digital company ID and trusted digital identity frameworks.
- Envisioned as a single point for collecting intelligence on fraud, the centre will align with the Canadian Anti-Fraud Centre model, enabling coordinated responses and public awareness campaigns.
- To further enhance its capabilities, the centre will facilitate better detection, prevention, and response to fraud threats by adopting trust registries, AI, and shared databases.
- The strategy supports real-time cross-sector data sharing, aiming to harness technology via data sharing to strengthen collaboration between industry and law enforcement.
- The strategy involves a coordinated, cross-sector response to counter the threat of fraud, involving financial institutions, regulatory bodies, law enforcement, policymakers, and even extending to social media and telecommunications firms.
- The goal of the strategy is not just to combat fraud but also to create jobs and growth, to export solutions in the anti-fraud tech industry, and to build a "world beating" UK anti-fraud tech industry through a more collaborative, targeted, and effective approach to anti-fraud efforts.
