The UK lost more than $500 million to authorized push payment fraud last year. This theft has increased dramatically in recent years. In an effort to combat this, authorities are implementing new regulations for the banking sector that will require victims of APP thefts to get the bulk of their money back starting in October.

Nonetheless, big tech, social media, and telecommunications have long been the target of UK banks' campaigns demanding greater accountability from them for fraud that begins on their platforms. UK Finance reports that 16% of APP fraud originates in the telecom industry and 76% of APP fraud starts online.

In an effort to tackle the growing prevalence of frauds including phony advertisements and romance scams, eleven digital and social media companies joined the UK Online Fraud Charter last year.

UK Finance is now proposing a law based on this voluntary charter to urge the government to adopt a more stringent stance.

"Internet service providers and telecoms firms may also be included in the Economic Crime Levy's purview in order to increase funding for combating fraud and economic crime on online platforms. According to the financial sector association, doing so would raise over £40 million annually to fund the recruitment of specialized officers, improve technology, and provide incentives for action aimed at reducing fraud.

Among the other things UK Finance is requesting in its 'financial services manifesto' ahead of the general election are a net zero roadmap, the "championing" of the National Payments Vision, support for open banking, and the issuing of a digital gilt backed by HM Treasury to promote the growth of securities tokenization.