Carmichael joins parliamentary event calling for tougher action on financial fraud

Orkney and Shetland MP, Alistair Carmichael, has joined the call to help tackle financial fraud and better support victims of fraud at a parliamentary event backed by TSB.

Online fraud has a significant impact on the cost of living for many families in the UK. Research by TSB and Savanta ComRes found that 25% of people in Scotland would struggle to afford food for themselves and/or their family for more than one week if they lost up to £500. According to TSB, 53% of the claims it sees are for amounts less than £500.

Mr Carmichael joined calls for stronger action from the public and private sector to protect people from fraud.  This includes social media and tech firms who need to do more to protect the people who use their technology from fraud. Mr Carmichael also backed efforts to pressure banks to refund more fraud victims, noting that most banks refund less than 50% of fraud claims.

Mr Carmichael said:

“Fraud is now the most common crime in the UK, and yet victims are being let down. It is frustrating that the government has spent so much time in recent months playing down the importance of fraud – which as these statistics show can be crippling to families, even at relatively low sums – rather than taking action to tackle it. We all remember the Business Secretary claiming earlier in the year that fraud was not something people cared about – clearly it has a serious impact for many people across the country.

“Victims of authorised payment fraud have a less than a 50% chance of receiving a refund. Banks need to do more to support their customers – clearly it is perfectly possible for them to help more if there is the will to do so. All firms that enable fraud through social platforms and other formats, however unwillingly, need to accept their role in protecting people from these harms.”

Paul Davis, Director of Fraud Prevention at TSB, also said:

“We need to do more to tackle fraud at its source as well as supporting victims, with a stronger and more cooperative approach from the Government, the financial services sector, telecoms companies and social media firms. It’s fantastic that so many MPs have already signed our fraud pledge, and we’ll continue to campaign until we’ve seen real change for the better.”

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