Tide, a UK financial business platform, is urging the government to implement an anti-fraud levy to combat the growing scam epidemic in Britain, which has resulted in thieves stealing £610 million in the first half of 2022.

The government has been encouraged to implement a new anti-fraud levy to pay and train more police officers to battle the growing fraud epidemic in Britain, according to Tide, a UK financial business platform with more than 500,000 SMEs.
Tide stated that the government’s recently unveiled Fraud Strategy should be “bolder and more ambitious.”

Scams, which have become a big issue for the UK’s economy, saw thieves steal £610 million in the first half of 2022. Tide is advocating for speedier payment processes as well as the implementation of an anti-fraud fee on the value chain, including social media and telecoms providers, where the majority of scams are perpetrated.

A trade organisation for banking and financial services called UK Finance claims that APP (Approved Authorized Payment) fraud is used in the great majority of frauds. Therefore, Tide is pleading with the government to use the tax revenue to pay for UK law enforcement agencies to look into and prosecute scammers, even those who are based abroad, as part of a zero-tolerance policy.

“The target to cut fraud by only 10% by the end of 2024 with another 400 police officers is nowhere near enough to combat the sheer scale of the problem and the damage done,” said Oliver Prill, the CEO of Tide. For this reason, we are requesting a tax to pay for the fight against what has become into a dreadful plague on the UK.

Four ideas are suggested

Tide has outlined four policy recommendations to combat fraud in an open letter, including the implementation of a zero-tolerance approach to law enforcement policy supported by an anti-fraud tax, mandatory data sharing, a reevaluation of the regulations requiring financial institutions to compensate all victims of authorized fraud, and a strategy to give customers more choice regarding the level of fraud protection they desire.

In addition, Tide is pleading with ministers to enact a number of mandates, such as requiring all financial institutions to participate in Confirmation of Payee and requiring social media and telecom businesses to keep records of all of their users and advertisers in order to feed this information into Confirmation of Payee data. Additionally, Tide is advocating that all cases of fraud committed by financial institutions be reported to the authorities and that every fraud be subject to mandatory police inquiry.

“Fraud pays in the UK and is luring fraudsters from all over the world,” Prill continued. Such funds, together with an anti-fraud tax, should be used to invest in fraud prevention and prosecution rather than ensuring returns to fraudsters by obligatory reimbursement. We think that our policy suggestions can help fraud become less prevalent.

Tide Demands Anti-Fraud Levy to Fight UK Scam Epidemic
Best Forex Broker

The top-tier DFSA, FCA, and ASIC all regulate XM. Right now, one of the best trading platforms offering wide range of products.

Trade whenever with a CFD broker with global recognition! You have mobile access to more than 230 tradeable assets with the VT mobile app.

Enjoy Instant Order Execution and a Professional Platform. Low fees and helpful, round-the-clock support. high quality. Indices. Trading.

Trade CFDs on shares, indices, currency, commodities, bonds, and cryptocurrencies with our simple interface on worldwide markets.

For traders with low to medium skill levels. Provides a perfect fit thanks to its customizable account types that suits different styles.

Visa カジノ Visaカジノは、https://antiguidadesantonioluis.com/banking/visa-online-casinos/ Visaカードを通じてオンラインギャンブルを楽しむことができるプラットフォームを指します。世界中の多くの人々が利用しており、その主な魅力は、Visaの広範な受け入れと迅速な取引です。クレジットカード情報を提供するだけで、多種多様なゲームを体験できます。ポーカー、ブラックジャック、スロットなど、選択肢は無限大です。しかし、参加する前に、自分自身の財政管理をしっかりと理解し、自己制御を保つことが重要です。 21 com カジノ 21 com カジノは、https://casino-bonus-tips.com/21.com/ オンラインで豊富なゲーム体験を提供しています。スロットからテーブルゲーム、ライブディーラーゲームまで、多岐にわたる選択肢が揃っていて、プレイヤーの好みに合わせて選べます。また、スマートフォンやタブレットからもアクセス可能で、いつでもどこでも楽しむことができます。その他にも、新規プレイヤー向けのボーナスや、定期的なプロモーションもあり、ゲーム体験をより楽しく、エキサイティングにしてくれます。ただし、年齢制限や自己管理の規則に注意しながら、楽しみ方を見つけていきましょう。