Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether her Department plans to require (a) technology and (b) telecommunication firms to contribute to the cost of (i) fraud prevention and (ii) the reimbursement of victims of fraud on their platforms.

Fraud is a costly crime for citizens, consumers, and businesses.

I welcome existing pledges to prevent fraud made by tech and telecoms firms.

At Mansion House, the Chancellor announced this government would work with tech and telecoms companies to stop their platforms and networks being exploited by criminals.

We are monitoring progress, including work on the second Telecommunications Fraud Sector Charter and implementation of the Online Safety Act.

To balance the requirement on Financial Services to reimburse victims of fraud, Section 72 of the Financial Services and Markets Act enables the sector to manage risk through due diligence checks before releasing payments.

The department will continue to work with the Home Office and Department for Science, Innovation and Technology to unlock further prevention efforts across all sectors in the forthcoming update to the fraud strategy.