Banks: Internet Transfers of Cash

Baroness Kennedy of Cradley Excerpts

Thursday 9th July 2020 Lords Chamber

[Baroness Penn]

The regulations are not prescriptive in setting out how firms should carry out their due diligence. Instead, they require firms to take a proportionate approach that is commensurate with their assessment of the risk. I think that is the right approach for the Government to take.

[Baroness Kennedy of Cradley (Non-Afl) [V]]

My Lords, research this week has shown that billions of bank account details and passwords, for individuals and small and medium-sized businesses, are for sale on the dark web. What discussions have the Minister and her department had with the banks and the banking authorities to improve security for their customers?

[Baroness Penn]

The Government have an ongoing dialogue on the question of fraud and cybersecurity, and, as I said, we have a joint fraud task force that works across regulators and law enforcement to tackle this very serious problem.