The first Global Fraud Summit, hosted by the Home Secretary, begins in London today. Ministers from the G7, Five Eyes, Singapore and South Korea are attending
International ministers are set to agree new action to take down fraudsters as the first ever Global Fraud Summit begins today.
Home Secretary James Cleverly will discuss the threats posed by organised crime groups, and how global law enforcement can tackle it, during a series of meetings with senior ministers and representatives from the G7, Five Eyes, Singapore and South Korea, at Lancaster House.
Ministers will explore how closer partnerships with the private sector can be used to counter criminality and reimburse victims of crime.
The need for a bolstered law enforcement response is clear, with a forthcoming INTERPOL threat assessment expected to show a concerning rise in fraud in all corners of the globe.
Senior leaders from the world’s biggest companies will also be in attendance, to explore further ways of collaboration with the private sector.
Home Secretary James Cleverly said:
Security Minister Tom Tugendhat said:
Fraud is a global problem, with around 70% of all offences in the UK having ties to overseas criminals, with £3 billion lost to overseas accounts last year. Reversing this trend is not possible without a united global community.
INTERPOL’s latest report shows fraud is often perpetrated by organised criminal groups, including human traffickers, who force people to work in scam centres which target potential victims of fraud across the world.
A key aim of the summit is to increase partnership work between law enforcement agencies, such as the National Crime Agency, the FBI, INTERPOL, Europol and the Japan National Police Agency. Sharing more intelligence, expertise and resources will help turn the tide against fraudsters.
INTERPOL Secretary General Jürgen Stock said:
Attending nations will not be starting from zero.
In 2022, UK law enforcement agencies worked with international partners, including the FBI, and Europol, to take down an online service known as iSpoof. The website was used to make more than 10 million fraudulent phone calls Its administrator was jailed for more than 13 years.
The UK, United States and Canada also issued a joint sanctions package against human rights abusers who were forcing trafficked people to work at scam farms in Cambodia, Laos and Myanmar, in December 2023.
Graeme Biggar, Director General of the National Crime Agency, said:
Temporary Commissioner Peter O’Doherty, from the City of London Police, said:
Industry collaboration to prevent fraud will also be a key focus, which is why senior figures from the world’s biggest companies will also be in attendance. This provides a unique opportunity for international lawmakers to engage with private sector in one place.
The Summit will encourage greater collaboration between Government and industry to tackle fraud.
The UK is spearheading collaboration with the private sector, as shown by the world-first Online Fraud Charter, a voluntary agreement the UK agreed with 12 leading tech companies in November 2023. It includes measures to verify sellers on peer-to-peer marketplaces, promptly remove fraudulent advertising and allow people using online dating services to only interact with people who have confirmed their identities.
Partner countries agreeing similar charters will severely hinder fraudsters, who rely upon new technologies to commit fraud.
The UK will also raise the prospect of creating a mechanism to repatriate funds that are lost overseas due to fraud.
Antony Walker, Deputy CEO, techUK said:
David Postings, Chief Executive of UK Finance, said:
It is anticipated all attending nations will agree a communique, pledging more combined action to fight fraud.
Day two of the summit will consist entirely of working level meetings between the private sector, civil society and senior civil servants from across the world.
Attending overseas ministers are: