A new initiative involving major UK banks, technology companies, and telecom providers has been launched to increase the sharing of real-time data related to fraud. The collaboration aims to detect scams more efficiently by exchanging indicators such as suspicious URLs and irregular transactions. This move follows increased pressure on the UK government to provide stronger leadership in addressing the rising threat of online fraud, which now constitutes a significant portion of criminal offenses in England and Wales. Industry leaders argue that a coordinated, cross-sector effort is necessary to combat the increasingly complex nature of scams targeting consumers and businesses.
In an earlier phase of the initiative trialed in 2023, data sharing between sectors was minimal. Mark Tierney, CEO of Stop Scams UK, acknowledged that the early pilot was limited in scope, but said that technological upgrades have significantly improved the system:
“The program has changed exponentially, with automation now enabling tens of thousands of data points to be shared daily.”
This enhanced capability has encouraged greater cooperation from stakeholders across industries.
Which Companies Are Participating in the Initiative?
How Does This Fit Within Other Anti-Fraud Efforts?
Participants of the initiative include major financial institutions such as Barclays, HSBC, Santander, and Lloyds. Tech firms Amazon, Meta (NASDAQ:META), and Google (NASDAQ:GOOGL), as well as telecom providers BT and Three, are also involved. These companies belong to Stop Scams UK, the group leading the campaign. Chair Ruth Evans commented on the commitment of members:
“By making this pledge, our members are redoubling their efforts to create a safer environment for all businesses and consumers online.”
This collaboration is distinct from Meta’s separate partnership with NatWest and Metro Bank, which focuses on removing scam accounts from social platforms. That effort reportedly led to the deletion of 20,000 fraudulent accounts. While both programs aim to reduce fraud, the real-time data-sharing initiative emphasizes multi-sector synchronization to intercept scams at earlier stages through automated systems.
According to the UK Office for National Statistics, fraud accounts for 41% of all crimes in England and Wales, costing an estimated $8.8 billion annually. Scams have grown more sophisticated, using AI tools and emotional manipulation to convince targets to transfer funds. Reports by PYMNTS and other sources have identified romance scams and investment scams as particularly damaging, with victims often incurring losses exceeding $1,000.
Earlier media coverage noted that UK banks were slow to adopt joint anti-fraud strategies. While isolated collaborations existed, such as the banking sector’s support for payment verification schemes, the lack of real-time cross-industry data exchange was seen as a major vulnerability. The current shift toward automated sharing represents a significant operational shift, allowing institutions to respond more quickly to fraud attempts and potentially limit consumer financial damage.
The initiative reflects a growing recognition that cybercrime cannot be tackled in isolation. Fraudsters increasingly employ personalized approaches and adapt techniques to evade detection. By enabling cross-sector data flow, banks, tech firms, and telecoms can collectively analyze indicators, track patterns, and implement preventive measures more effectively. This strategy also supports broader public awareness of fraud risks by encouraging more rapid responses to emerging threats. Businesses and consumers should remain cautious, particularly with high-risk scams such as romance and investment frauds, which often involve multiple transactions and prolonged deception efforts.
