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A multi-agency initiative plans to ramp up action against cyber-crime, following a pilot programme led by the Cyber and Fraud Centre – Scotland.
The Financial Fraud Group plans to counter the cyber-crime surge by bringing together figures from UK law enforcement and the financial sector, including Police Scotland, City of London Police, Barclays, NatWest, Metro Bank, the Cyber Defence Alliance and National Crime Agency.
Meeting weekly, the group will share real-time intelligence, collaborate on live investigations, and provide coordinated warnings, building a shared understanding of evolving threats to make sure that messages about fraudsters’ latest tactics reach the public quickly.
When fraud reports come in, members will mobilise quickly, drawing on their extended networks to implement mitigation measures to protect the public and crack down on criminals. According to the Cyber and Fraud – Scotland, the group’s work has already led to some arrests.
“Fraud has reached crisis levels,” said Jude McCorry, CEO of Cyber and Fraud – Scotland.
“This taskforce ensures that collectively, we all respond quickly and consistently to share intelligence and spot patterns earlier. By working together, we’re not just reacting to fraud, we’re actively building a stronger and smarter defence against it.”
The latest national figures underscore the urgency of the group’s work. According to UK Finance, £1.1 billion was lost to fraud last year, which also saw a sharp rise in remote purchase scams.
The Crime Survey for England and Wales, meanwhile, recorded an estimated 4.16 million incidents of fraud over the last year, up 31%, while National Crime Agency data shows that fraud now accounts for an estimated 41% of all crime against individuals in England and Wales.
Added to that, the dangers of fraud are being fuelled by emerging threats like AI-powered scams and organised fraud rings that are increasingly targeting the telecommunications and online retail sectors.
To counter this growing crisis, the Financial Fraud Group will be rolling out ongoing campaigns that focus on practical prevention, including guidance to help individuals and organisations stay vigilant, challenge suspicious financial requests, and report fraud attempts quickly.
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“Fraud is the UK’s most commonly experienced crime and tackling it requires swift, bold and coordinated action,” said the UK security minister, Dan Jarvis, after meeting with group members this week.
“That’s why I commend the important work of the Financial Fraud Group who, through collaboration, intelligence sharing, and public campaigning, are helping to ensure that money stays in people’s pockets.
“This government will continue to work closely with all partners, including through our new, expanded Fraud Strategy, as we ensure that fraudsters face the justice they deserve.”
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