A coalition of banks, Big Tech firms, and telecommunications groups has come together to engage with known scammers and gather intelligence in an effort to combat a rising fraud epidemic.
The 21-member coalition, called Stop Scams UK, includes the UK’s largest banks, telecom companies Three and TalkTalk, as well as Big Tech giants Meta, Google, and Microsoft. Initially launched in 2021 to provide a short code phone service for bank customers to report instances of fraud, the group has since focused on data-sharing initiatives to enhance collaboration and communication between organizations.
For its latest effort, Stop Scams UK plans to utilize 300 confirmed fraud phone numbers and 100 email addresses to interact with scammers, discreetly collecting information about their methods and strategies to ultimately shut them down. The coalition aims to disrupt money mule networks—individuals who facilitate the transfer of fraudulent funds through their accounts, helping criminals cover their tracks within the banking system.
Simon Miller, director of policy and communications at Stop Scams UK, stated that the pilot initiative will yield valuable insights into how scams operate, providing “incredibly rich, first-hand evidence of scammers’ modus operandi.”