UK facing ‘tsunami’ of fraud, experts warn MPs in plea for swift action

Helena Wood, an expert from the Royal United Services Institute, said UK authorities are “absolutely not” able to deal with the amount of data it receives from, for example, Suspicious Activity Reports (SARs) from banks, estate agents and others, and called for an overhaul of the system. She added that despite the huge size of the City of London as a global financial centre, the UK is not stepping up to the challenge. “With great size comes great responsibility,” she said. “The main thing we can particularly learn from the (United) States is that they accept the responsibility of having a large financial centre and they respond to the risk accordingly.