Ministers blasted for ’ignoring’ 10-year £10bn online fraud surge

DITHERING ministers have been blasted for “doing nothing for a decade” to fight a £10billion a year surge in online fraud.

A Commons committee claims the Home Office’s “slow response” has failed consumers.

And it demanded banks do more, arguing up to 70 per cent of victims never get their money back.

MPs warned fraud using stolen card details doubled in five years to 1.4million cases in 2016.

The Public Accounts Committee said: “Home Office work on this for over ten years appears to have led nowhere.

“It has no sense what success would look like or what might be possible to achieve.”

Online fraud represents nearly half of all UK crime with up to one in ten falling victim.

Credit service Experian said fraud costs the UK over £190billion a year.

The Home Office launched a Joint Fraud Taskforce last year for police, government and business to tackle internet crime.

One plan is for credit cards with security codes that change every hour.

Gareth Shaw, of Which?, said: “We need to see progress from the taskforce and measures from banks to compensate victims.”

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Source: https://www.thesun.co.uk/news/5075481/ministers-blasted-for-ignoring-10-year-10bn-online-fraud-surge/

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