It is estimated that 80% of fraud goes unreported/ Fraud is estimated to cost UK economy Â£30 billion each year
The City of London Police Commissioner, Adrian Leppard, said â€œIf you can only see one fifth of the problem then you are never going to be able to tackle the underlying causes.â€
â€œBanks are sitting on millions of crimes that will never be investigated, letting criminals get off scot free.â€
â€œIt is time for legislation to ensure the true extent of fraud is revealed for the first time.â€
The City of London Police is the lead police force for fraud and manages Action Fraud, the national reporting centre for fraud and internet crime.
Home Office crime reporting rules dictate that if an individual reports a fraud but has been reimbursed the financial loss from the bank a crime is not recorded.
As the financial loss has been passed to the banks they are the victim. The responsibility then falls on the bank to report the crime.
An estimated Â£30 billion is lost in the UK economy through fraud which equates to Â£500 for every person in the country.
The City of London Police is taking measures to help prevent fraud through educating businesses and individuals.
The force currently disrupts a total of 3,000 websites, bank accounts and telephone platforms used to commit fraud against banks, businesses and individuals every month.
It is estimated that the City of London Police is preventing approximately Â£500 million through its work each year.
We work with partners across the globe to help tackle a problem which does not respect borders or culture.
Full disclosure by the banks would be key to help in the fight against cyber enabled fraud by giving police forces across the country a vastly increased intelligence picture.
A report by the Office For National Statistics revealed that together, plastic card fraud and bank and building society fraud could contribute between 3.6 and 3.8 million offences that currently go unreported.