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Farron backs calls for a ‘fraud prevention league table’ for banks

December 7, 2017 4:15 PM

South Lakes MP Tim Farron is backing calls for a 'fraud prevention league table' for banks so consumers more information when choosing where they put their money.

Currently banks do not give this data to the government, leaving both the government, and more importantly consumers, in the dark over how safe their money is.

The call is backed by a report today from the House of Commons Public Accounts Committee titled 'The growing threat of online fraud'.

The report warns that online fraud is now the most prevalent crime in England and Wales, that banks are not doing enough to tackle online fraud, and their response has not been proportionate to the scale of the problem.

Back in October, Tim tabled a motion in the House of Commons calling on the banking regulator to impose fines on banks that don't help fraud victims, after being contacted by Jane and Stephen Caldwell from Arnside who had lost over £100,000 through a banking scam earlier this year.

Tim said: "People have a right to know how safe their money is.

"They also have a right to know at least something about an individual banks' record on protecting customers from fraud, so they can make an informed decision about how safe their hard-earned savings are.

"A league table system would not only provide this information, but it would also promote a race to the top in the banking sector.

"Online fraud is now the most prevalent crime facing people in the England and Wales, and yet there are still no adequate measures in place to protect people from fraud."