Banks need to do more to tackle online fraud, according to a Government spending watchdog.
A report from the Commons Public Accounts Committee says the internet has created opportunities for growth and innovation but has also opened the door to criminals.
The CPAC says the Home Office is responsible for reducing crime, but that banks also play a role.
However, the committee says banks are not doing enough and there is no benchmarking of their anti-fraud efforts.
It says: “Banks have an important role to play in protecting customers but the protection they provide is variable and some are keener to invest in educating customers and anti-fraud technology than others.”
The CPAC notes that banks do not want a detailed breakdown of performance in case fraudsters use the information to target the most vulnerable banks.
But it adds: “We can see that full detail in the public domain about which banks are more susceptible to what kinds of fraud could prove counter-productive, but there is clearly scope for more transparency over individual banks’ performance at a more aggregated level.”
The CPAC suggests the Home Office should set out minimum standards for banks on fraud prevention and require banks to report on their performance.
It wants the Home Office to do this by Spring 2018.
It also wants banks to draw up a “voluntary scheme” in the meantime to be more open with customers about the extent of fraud and how they are tackling it.