Pilot program uses proceeds of crime to fight fraud

A pilot project launched by a large bank and the police is using the proceeds of crime to fight fraud and help victims.

The first slice of money seized amounts to around £ 7million, Lloyds Banking Group said.

She has partnered with City of London Police to use the proceeds of crime to invest in fraud protection and victim support projects.

The “frozen” money is made up of the money recovered from fraudsters by the bank’s team specializing in mule hunting.

Money mules allow criminals to move money generated by crimes using their bank accounts. The team quickly analyzes the data to spot signs of silver mullet behavior.



This initial funding will not only provide vital additional support to more victims, but will also allow us to work closely with the City of London Police and other organizations to shape future fraud prevention initiatives across the UK.

Philip Robinson, Lloyds Banking Group

Lloyds said he shared this information with others in the industry and returned millions to victims of fraud, although he said it was not always possible to directly reunite victims with their money.

One initiative that will benefit from the pilot program is the National Economic Crime Victim Care Unit (NECVCU) run by the City of London Police, which provides one-on-one telephone support, counseling and follow-up to victims.

The money will also be invested in projects to protect those most vulnerable to fraud, including an initiative led by Age UK.

Philip Robinson, Director of Retail Fraud Prevention, Lloyds Banking Group, said: “This seed funding will not only provide vital additional support to more victims, but will also allow us to work closely with the City of London Police and other organizations shaping future fraud prevention initiatives across Britain. “

Clinton Blackburn, Acting City of London Police Commander, said: “The pilot program with Lloyds Banking Group is an innovative example of how, through working collaboratively, we can improve the approach to the system as a whole. to target the threat of economic crime and cybercrime.

Caroline Abrahams, Charity Director of Age UK, said: “In England and Wales, one elderly person is a victim of fraud every 40 seconds, or more than 800,000 elderly people each year. Scams can have a devastating emotional and financial impact on elderly victims, seriously affecting their quality of life and well-being.

She added: ‘We are extremely grateful for this funding which will help us – through our local Age UK network – to support those across the country who are most vulnerable to fraud and reduce the number of elderly victims of financial crimes. . “


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