Money Box Live: Fighting Back Against Fraud
Money Box
BBC
4.2 • 825 Ratings
🗓️ 22 November 2023
⏱️ 29 minutes
🧾️ Download transcript
Summary
More than £500m was stolen by fraudsters in the first half of 2023, according to figures from UK Finance. This is less than the same period in 2022, but Authorised Push Payment (APP) scams, where people are tricked into transferring money to thieves, are on the rise.
We ask what can be done to fight back against the fraudsters, both on a personal and industry-wide level?
Joining Felicity Hannah are Ben Donaldson, Director of Economic Crime at UK Finance, TSB’s Manager of Fraud Operations, Paul Davis and Kathryn Westmore, Senior Research Fellow at the Centre for Financial Crime and Security at the Royal United Services Institute (RUSI) think tank.
Plus Dan Whitworth goes behind the scenes at TSB’s Fraud Prevention Centre in Sunderland. And we hear from case studies who’ve lost money, managed to get it back – but been left devastated by being scammed.
Presenter: Felicity Hannah Reporter: Dan Whitworth Producers: Sam Clack and Sarah Rogers Editor: Jess Quayle
(First broadcast 3pm, Wednesday 25th October, 2023)
Transcript
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| 0:00.0 | On a winter's night in 1974, a crime took place that would obsess the nation. |
| 0:07.0 | It was an extraordinary news story. |
| 0:09.0 | The story of an aristocrat, Lord Lucan, who's said to have killed the family Nanny, |
| 0:14.0 | mistaking her for his wife, then somehow just disappeared. |
| 0:18.0 | One of the great mysteries in English criminal history. We're still looking for |
| 0:21.7 | Lucan. It's honestly one of the most powerful stories of my lifetime. I'm Alex Fontunzelman. This is |
| 0:27.8 | the Lucan Obsession. Listen on BBC Sounds. BBC Sounds, music, radio, podcasts. Hello, welcome to this Moneybox Live podcast with me, Felicity Hannah. Every minute, people and businesses in the UK lose 2,207 pounds to fraudsters every single minute. That means that by the time I say goodbye at the end of this program, almost 62,000 pounds |
| 0:55.5 | will have been stolen by criminals. |
| 0:57.6 | And whether someone loses a small amount or a life-changing sum, the distress and inconvenience |
| 1:02.7 | can be huge. |
| 1:04.5 | I don't think I can put into words how I felt. |
| 1:07.8 | I mean, my stomach dropped. |
| 1:10.0 | It's been handled appallingly. We've been focusing on fraud |
| 1:12.8 | all week at the BBC, but today we can reveal the scale of the issue. More than half a billion |
| 1:18.4 | pounds was stolen by fraudsters just in the first six months of the year. That's what newly |
| 1:23.5 | published numbers from the banking body UK finance shows. Here's what some people told the BBC about how they were tricked. |
| 1:30.6 | Somebody applied for a maintenance loan in my name, |
| 1:34.1 | and I started being chased for the money and actually had money taken out of my pay. |
| 1:39.0 | I got a call from people posing to be Amazon, |
| 1:42.0 | saying that my Amazon was currently being hacked, |
| 1:46.2 | and they were already there. |
| 1:51.4 | All the items were there in my cast and constantly moving around as if they were being sold. |
... |
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