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14:07 GMT
LONDON, March 11 (KUNA) -- The UK hosts today world leaders for the first Global Fraud Summit sponsored by the Home Secretary.
Ministers and representatives from the G7, Five Eyes (an intelligence alliance), Singapore and South Korea are attending to explore how closer partnerships with the private sector can be used to counter criminality and reimburse victims of crime.
Participants are also discussing the threats posed by organised crime groups, and how global law enforcement can tackle it.
Home Secretary James Cleverly said: "This summit delivers on yet another pledge we made to the British people in our Fraud Strategy and is a clear sign of the UK's status as a world leader.
"Fraudsters have no regard for boundaries, they devastate citizens in all our countries. We will only put a stop to this scourge if we fight it head-on together, and that's precisely what we plan to do."
For his part, Security Minister Tom Tugendhat said: "Fraud ruins lives. Con artists and thieves are a threat to hard-working families across the country. The action we've taken has already reduced fraud by 13% in England and Wales. However, the majority of frauds originate from overseas, and many are linked to international crime groups.
"That's why we're hosting the first ever global fraud summit to lead the international response. and to help bring the global community into this global fight."
The summit will encourage greater collaboration between government and industry to tackle fraud.
Second day of the summit will consist entirely of working level meetings between the private sector, civil society and senior civil servants from across the world.
Fraud is a global problem, with around 70% of all offences in the UK having ties to overseas criminals, with آ£3 billion lost to overseas accounts last year. Reversing this trend is not possible without a united global community.
Interpol's latest report shows fraud is often perpetrated by organised criminal groups, including human traffickers, who force people to work in scam centres which target potential victims of fraud across the world.
A key aim of the summit is to increase partnership work between law enforcement agencies, such as the National Crime Agency, the FBI, Interpol, Europol and the Japan National Police Agency. Sharing more intelligence, expertise and resources will help turn the tide against fraudsters.(END)
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