With online fraud at its highest ever, banks are being criticised for not responding to online fraud efficiently.
With an estimated cost of £10bn, the public accounts committee report has ruled that there insufficient funds to resolve this issue.
Public Accounts Committee Chairwoman Meg Hillier MP said, “This isn’t something that Government can tackle alone but it has quite an important role in co-ordinating action.”
The PAC report highlights that there were over two million cyber-related fraud crimes last year, however, only 20% of online fraud is reported to the police”
With victims looking at who to blame, the PAC believe that advertising campaigns made from both the banks and the government have been ineffective.
UK Finance worker Stephan Jones, has ruled that the “current legislation does not provide adequate safeguards for this type of illegal activity.”
One of the victims who can not be named for legal reasons has fallen victim to over £201,000 and has been left feeling “foolish, depressed and in debt.”