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Fraud should not be faced alone, Lord Mayor says

  • May 20, 2024
  • 3 min read
Fraud should not be faced alone, Lord Mayor says

Lord Mayor of the City of London, Professor Michael Mainelli, has delivered a speech on 15th May, at a City Forum Economic Crime Summit event. He was speaking to an audience of industry leads about Strengthening the integrity and safety of the financial system.

Extracts from the Lord Mayor’s speech are found below:

We need to modernise if we are to keep pace with the criminals we are up against. Every time technology advances, these cyber-space-invaders are there to take a ride on the back of the latest innovation – especially the many opportunities offered by Artificial Intelligence.

Financial crime is increasingly recognised as a national security threat.

And addressing it is essential for a prosperous economy.

… tackling this problem is about so much more, because fraud is never a victimless crime – behind the statistics are ruined lives, mental anguish, and the erosion of the trust that allows society to function.

The City of London Police is playing its part in leading the fightback – not alone, but by working closely with other local police forces and with national agencies. And since the City Police became the National Lead Force for fraud, they have demonstrated a unique combination of expertise, innovation, and the ability to foster industry relationships…

I believe collaboration is key – not just here, but around the world. Because the reality we face is that fraud and economic crime is a global problem. Global in scope. Global in the reach of criminal gangs. Global in the means by which fraud and scams are committed. This is not a harm that any of us should, or could, face alone. The criminals do not respect national boundaries, so our responses need to cross national boundaries.

… If fraudsters are harnessing the latest technology to target businesses and individuals – then we must do the same to target them, and to protect the public. We need to see greater cooperation between the international payment providers and the Big Tech firms – who have the skills and resources, if properly motivated and supported, to deliver many anti-fraud technologies as a ‘matter of course’, and globally.

We need to work with these internet giants to develop our analytical capacity, allowing us to identify and address existing criminal threats more quickly. So we look to the tech firms – the innovators of the world – to step up to the challenge, and protect the customers on whom they rely.

Additionally, we look to governments to ensure that we fund our anti-fraud measures to a level which is commensurate with the scale of the problem. Because the challenge is so great, and the nature of financial crime so fast-evolving, we need to think outside the box and take chances.

… We just need to make that system as safe and secure as possible – and the solution lies in greater action by industry, with greater support from government.

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