11th January 2019

TSB partners with Metropolitan Police to hunt down fraudsters

TSB has announced a new £200k partnership with the Metropolitan Police to step up the fight against fraud and hunt down the criminals that sit behind it.

Fraud is now one of the most common crimes in the UK and the financial impact to consumers is huge with over £2m lost every day (Financial Fraud Action UK). Figures revealed by the Met last year showed that over 3,500 Londoners are reporting fraud and cybercrimes each month with many more attacks going unreported or detected.

It is a serious crime often carried out by organised crime groups involved in drug rings, human trafficking and terrorism. It is becoming increasingly challenging, following several highly complex and sophisticated attacks against banks last year, including against TSB.

To help overcome this, the partnership will initially focus on boroughs in the South East of London. It will be supported by the London Digital Security Centre and also involve the local authorities within Lewisham, Bexley and the Royal Borough of Greenwich. Working together, the aim is to target-harden local communities, and to disrupt and prevent more would-be fraudsters before they are able to commit crime.

TSB’s funding will help to increase the ability of the police and local partners to work together on fraud prevention and enforcement; enhance the skills of officers and staff – particularly within the Met’s Special Constabulary – and finance new and innovative ways of tackling fraud at a local level, including ongoing support costs for the Met’s Cybertools app, for front-line police officers.

TSB Executive Chairman, Richard Meddings said: “TSB’s experience last year shows the scale and risk of fraud in a digital age. Fraud is a serious and organised crime, and we want to hunt down the criminals targeting customers. That’s why we’ve put our learning into practice to work with the Met to help ensure fraud is a high-risk crime.

“The partnership will help customers of every bank and business avoid being duped. It will improve fraud detection, drive greater collaboration across the industry, and, crucially, put criminals behind bars. Our ambition is to roll partnerships like this to regional police forces right across the UK to support them in their fight against financial crime.”