Fraud is the most common crime in England and Wales, according to government statistics, with millions of incidents reported annually and potentially millions more going unreported.
James Babbage, the director general for threats at the NCA, told the Home Affairs Committee's new inquiry on fraud that more than 80% of these crimes were taking place online.
In the Justice Committee's report, it welcomed obligations on technology companies being introduced in the Online Safety Act to prevent scams being perpetrated on their platforms.
TSB, a British retail bank, has claimed that the social media giant Meta's platforms are the origin for 80% of all fraud cases that it refunds.
The bank has the highest proportion of all fraud refunds in the United Kingdom, according to data published by the Payment Systems Regulator.
He was previously a technology reporter for Sky News and is also a fellow at the European Cyber Conflict Research Initiative.
This Cyber News was published on therecord.media. Publication date: Wed, 17 Jan 2024 19:50:24 +0000