UK banks need to crack down on fraud – FSA
LONDON – UK banks need to get tougher on preventing low-level fraud, said Philip Robinson, financial crime sector leader of the Financial Services Authority (FSA), speaking at the British Bankers' Association (BBA) annual financial crime conference.
He accused banks and firms of being negligent in reporting and dealing with low-level fraud, which as a result has become the new target area for organised criminals and terrorists. "Certain criminals and terrorists appear to know that low-level fraud is easy to commit and unlikely to be followed up by the firm, as it is not profitable for the firm to do so," said Robinson.
But it is this very low level of crime that in his opinion contributes significantly to wider social problems in the long
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