The view from the ground: Building a greater

The view from the ground: Building a greater understanding of the impact of fraud and how the public view what policymakers should do about it TWO MINUTE SUMMARY September 2023 The challenge of fraud difficulties harder than those who are better off. [...] The current organisation of counter-fraud policing is Source: Opinium survey of the UK adult public SOCIAL MARKET FOUNDATION Increasing assurance in the payments system • Toughen the sentencing of convicted Both the general population and fraud victims fraudsters with reforms to the rules so that they take into account the wider impacts would accept slower payments and transfers that victimisation. [...] 70% of the general also reflect the scale and cost of the fraud population and 73% of fraud victims agreed epidemic. [...] customers so that there is greater • Under the auspices of the Consumer Duty, assurance over the legitimacy of payments best reimbursement practices should be and transfers, including the provenance of developed by the regulator, alongside a senders and receivers of payments and requirement for relevant financial transfers. [...] sharing arrangement across the • Develop a robust standard methodology for organisations that are part of the “fraud capturing more definitively the differential chain” and between the private sector and impact fraud has on a victim’s economic appropriate parts of the public sector.