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New regulations to make reporting fraud easier

New regulations to make reporting fraud easier
New legislation in force from April 1st should facilitate reporting online fraud, according to industry experts.

Under the terms of the regulations, victims of fraud will have to report the crime to banks rather than police forces, with the banks then taking responsibility for whether or not to inform the police of the crime depending on the size of the transgression.

By transferring the duty from already overstretched local police forces to the banks it is thought the likelihood of the claim being dealt with efficiently will be much increased and ensure that victims spend less time reporting the crime.

Mark Bowerman of awareness group CardWatch said: "The onus is now on banks and financial institutions to liaise with the relevant authority, cutting down the amount of time the card holder needs to spend on the phone.

"From a victim's perspective it will ease the administration process because you will only have to report the fraud to one organisation rather than to the bank, to the police and to the bank again," he added.

News of the reforms comes after recent findings from a survey conducted by Get Safe Online Campaign that one in ten people have fallen victim to online fraud.