Major UK banks and technology firms have come together under the banner of Stop Scams UK to tackle the growing threat of fraud. This collaborative initiative includes notable names such as HSBC, NatWest, Santander, Amazon, Google, and Meta. The alliance aims to enhance visibility into fraud-related attacks by sharing intelligence across sectors.
Telecom companies like BT and Three, as well as financial institutions including Monzo and Lloyds Bank, have also joined forces, demonstrating the importance of cross-industry coordination in protecting customers.
Scaling Intelligence Sharing to Tackle Fraud Threats and Strengthen Public Trust Nationwide
According to Stop Scams UK, fraud currently represents 41% of all crime in England and Wales. Recognizing the magnitude of the issue, the organization has rolled out intelligence-sharing pilots that have proven successful in preempting fraudulent schemes.
The joint statement emphasizes that now is the time to scale these efforts and leverage shared technology, data, and intelligence to stay ahead of scammers. The initiative also seeks to strengthen public confidence and contribute to economic growth by making digital platforms safer.
UK Banks and Tech Giants Unite to Share Intelligence and Fight Soaring Fraud Threats NationwideJames Babbage, director general at the National Crime Agency, underscored the severity of the situation, noting that UK citizens are being targeted by fraudsters both domestically and internationally.
He commended Stop Scams UK for enabling critical data sharing and highlighted the importance of collaboration between public and private sectors. The NCA is working with global partners to dismantle the cyber and financial infrastructure used by scammers, indicating that this is not just a national issue but an international one requiring unified efforts.
Shared Responsibility and Collaboration Key to Combating Rising Online Fraud and Financial Scams
Industry figures have long argued that banks alone should not bear the burden of fraud costs. Anne Boden, founder of Starling Bank, previously criticized tech companies—especially social media platforms—for their role in facilitating scams such as authorised push payment (APP) fraud.
She called for shared accountability, noting that banks are investing heavily in fraud prevention but are still overwhelmed by scams that often originate on digital platforms. Her view is echoed across the financial sector, which supports broader responsibility among all stakeholders.
Key players across banking and tech industries continue to emphasize the value of collaboration. Barclays UK CEO Vim Maru reaffirmed the bank’s commitment to multi-sector partnerships to fight fraud.
Monzo’s Rich Bromley highlighted the effectiveness of data sharing in outpacing criminal strategies, while Amazon’s Scott Knapp emphasized the importance of joint efforts in protecting consumers. Additionally, a coalition led by consumer group Which? has called on the UK government to facilitate more data sharing, underlining the urgency of coordinated national action to combat digital fraud.
