Summarize this content to 2000 words in 6 paragraphs in Arabic Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Britain\u2019s biggest banks, technology and telecoms companies have pledged to step up efforts to share live fraud data, as calls grow for the government to take stronger leadership in coordinating the fight against online scammers.The coalition said it was moving from a testing phase to real-time exchange of fraud indicator data \u2014 such as suspicious URLs or unusual transaction activity \u2014 to detect scammers faster than existing systems.\u00a0Barclays, Lloyds, Santander, Nationwide, HSBC, NatWest, Monzo are among the signatories of the joint statement, as are tech companies and Amazon, Google, Match Group, Meta and telecoms groups BT and Three.Fraud offences account for 41 per cent of all crimes in England and Wales, costing an estimated \u00a36.8bn each year, according to the Office for National Statistics.\u00a0\u201cBy making this pledge, our members are redoubling their efforts to create a safer environment for all business and consumers online,\u201d said Ruth Evans, chair of Stop Scams UK, the cross-sector umbrella group leading the initiative.A two-month data-sharing pilot was trialled in 2023. But the amount of information exchanged in the initial phase by participating banks, tech and telecoms groups had been \u201cnegligible\u201d, said chief executive Mark Tierney. The scheme had since changed \u201cexponentially\u201d, he said, crediting the introduction of an automated system that could move \u201ctens of thousands\u201d of data points a day between the three sectors.The initiative is separate to Meta\u2019s data-sharing accord with NatWest and Metro Bank that began last year and led to the removal of 20,000 scam accounts.\u00a0The proof of concept showed cross-industry sharing can flag scams at least a day earlier than banks\u2019 monitoring systems, said Stop Scams UK. Meta\u2019s head of security policy, Nathaniel Gleicher, said the company would \u201ccontinue to invest heavily in detection and enforcement\u201d and work with governments, banks and peers to disrupt \u201ctransnational scammers\u201d.With reported fraud rising by a fifth in 2024, according to ONS data, campaigners warn industry efforts must be matched by stronger leadership from the government.Labour MP Luke Charters said \u201cthe government needs to take a leadership role \u2014 possibly through the NCA [National Crime Agency] \u2014 in convening data exchange\u201d.\u00a0He added: \u201cThere have been many pilots over a long time, but we need to reach that next scale.\u201dLloyds fraud director Liz Ziegler said it was right for government to take a guiding role by \u201craising expectations on certain sectors to act\u201d.Fraud minister Lord Hanson announced last week that work had begun on a new fraud strategy including proposals on international co-operation and tackling \u201cAI-enabled\u201d crime. Hanson said the government was \u201cdetermined to help industry to overcome\u201d those barriers that have prevented the \u201cspeedy and effective exchange of data\u201d. \u201cI look forward to engaging with all the sectors involved as that important work continues,\u201d he added. Rocio Concha, director of policy and advocacy at consumer group Which?, urged the fraud minister to publish a strategy urgently \u201cwith meaningful and bold actions, and put in place central leadership to co-ordinate a joint effort across government and businesses\u201d. Additional reporting by Akila Quinio <\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Britain\u2019s biggest banks, technology and telecoms companies have pledged to step up efforts to share live fraud data, as calls grow for the government to take<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"class_list":{"0":"post-258929","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-tech"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/258929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/comments?post=258929"}],"version-history":[{"count":0,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/258929\/revisions"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=258929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=258929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=258929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}