Rachel Reeves urges big tech firms to tackle online fraud costing Brits BILLIONS of pounds every year

RACHEL Reeves will call on big tech and telecom firms to take more responsibility for tackling online fraud hitting Brits for billions of pounds each year.

The Chancellor is demanding all companies in the Joint Fraud Taskforce give a progress report by next March in ending the scourge – demanding they go “further and faster”.

An intervention on the issue is likely to come as part of Ms Reeves’ keynote Mansion House address in the City on Thursday evening.

Firms such as TikTok, Meta, NatWest and BT are all being asked to step up in the fightback against fraud.

A Treasury source said: “Criminals have lined their pockets in recent years from these scams.

“This government will not tolerate it any longer and we will make it clear that we expect the online platforms and telecom companies to play their part.”

Ministers last month gave banks extra powers to probe suspicious payments giving them an extra 72 hours before processing payments that have been flagged.

The move meant bank staff could call potential victims and give the green light for their payments.

Figures show that 43 million adult internet users have come across suspected scams online – with those who lost money one in five were left more than £1,000 out of pocket.

Ms Reeves will call for a joined-up approach with tech and telecom firms working closely with law enforcement and banks as part of the clampdown.

She will join forces with Home Secretary Yvette Cooper and Science Secretary Peter Kyle to make sure fraudsters are intercepted.

Under the provisions of the Online Safety Act certain companies can face significant fines.

A survey from last year found that 61 per cent of people felt online tech firms have a responsibility to take action against online scams and fraud.

Independent estimates say the cost to consumers hit £8.3 billion last year with online transactions and financial services targeted by criminals.

The Joint Fraud Taskforce was set up in late 2021 to bring together the private sector, Whitehall and law enforcement to tackle fraud.

Research commissioned by Ofcom revealed that men, younger adults and people with children in the household were more likely than average to have come across a scam.

Nearly a quarter first encountered it on social media but the majority first encountered it on e-mail.