Banks 'failing to report fraud'

Banks 'failing to report fraud'

Banks in the City of London are "sweeping crime under the carpet" and failing to report fraud to the police to avoid embarrassment and harming their reputations, financial investigators revealed yesterday. Many of the banks are still being duped by criminals using simple frauds, which have been known about for years, said William Taylor, Commissioner of the City of London Police. Mr Taylor was speaking at the launch of an anti-fraud campaign, called Fraudstop, to help City financial organisations prevent crime. Last year the value of fraud cases handled by the Serious Fraud Office and the Crown Prosecution Service was pounds 10bn.