Lloyds launches £7m fraud crackdown 

Money captured by the bank from fraudsters will be invested into several projects designed to tackle fraud and increase education and awareness. As part of this it’s expanding its Dedicated Card and Payment Crime Unit (DCPCU) by funding a new specialist team to track down criminals through cyber investigations. 

The money will also be used to provide additional support for victims of fraud, financing schemes such as the National Economic Crime Victim Care Unit (NECVCU). This is run by the City of London Police and provides one-to-one phone support, advice and aftercare to victims. 

Commenting on the news, Lloyds’ retail fraud prevention director Philip Robinson said: “Fraud is the biggest crime in the UK and can have a devastating effect on people’s lives as well as their finances. 

“Our 24/7 fraud-fighting team is working hard behind the scenes every day to help keep our customers’ money safe, but criminals are constantly finding new ways to trick people into handing over their money and they’re ready to disappear the second they have their hands on the cash.

“This initial funding will not only provide vital additional support to more victims, but also enable us to work closely with City of London Police and other organisations shaping future fraud prevention initiatives across the UK.”

City of London Police’s temporary commander Clinton Blackburn added: “The pilot scheme with Lloyds Banking Group is an innovative example of how through collaborative working we can improve the whole system approach to targeting the threat of economic and cybercrime. 

“The DCPCU is a great example of how beneficial partnership working can be as the unit - funded by the banking industry - prevented £85m worth of fraud being carried out in the first half of this year.

“Victims of fraud are at the very heart of the work that we do and the NECVCU is an invaluable service which helps and provides advice to the victims of fraud. We are delighted that proceeds of fraud will be used to benefit victims and provide additional support for this service.”