An inquiry will examine whether reforms are needed to deal with “horrifying” levels of fraud cases, many of which originate online.

       The House of Lords Fraud Act 2006 and Digital Fraud Committee wants to hear from people who have experienced fraud and others as it looks at whether scams and their victims are being treated as a priority.

       If not, it wants to hear the reasons for this – particularly any responses that may explain any barriers preventing effective counter-fraud cooperation within Government, law enforcement, the public sector and the private sector.

       The committee will consider how the Fraud Act 2006 is used in practice for the detection, prevention and prosecution of fraud. Crucially, it will explore whether the Act needs reforming, to tackle scams committed through digital means, including online.

       A question it would like to hear submissions on as part of the inquiry is: “Is existing legislation effective in tackling the increase in modern forms of fraud? ”

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       The amount of fraud being committed is horrifying. It causes billions of lost pounds to the UK economy every year, and for victims it can be harrowing experience and leave a lasting impact on their finances

       Baroness Morgan of Cotes

       It will also consider the question: “Are sanctions and penalties for criminals who commit fraud an effective deterrent against future criminal activity, and if not, what might be more successful?”

       The committee will also be looking into what future economic and technological developments may impact upon how fraudsters seek to commit crime over the next five to 10 years, and how might these be prepared for.

       The committee wants to hear about the part technology and tech companies could play in combating fraud across this timescale.

       Fraud is the most commonly experienced crime in England and Wales, accounting for more than 40% of all crime against individuals, causing losses of billions per year, the committee said.

       People have often relied more on the internet for services during the pandemic. This dependency on digital technology has left more and more people vulnerable to increasingly sophisticated fraudsters, the committee said.

       Frauds that have been rife during the coronavirus pandemic include bogus delivery firm messages, fake NHS texts, social media messaging scams, fake rebate messages related to cancelled trips and events, bogus online sellers, pensions and investments “opportunities” and romance scams.

       The impact of fraud on victims can be significant both financially and emotionally.

       The committee is chaired by Baroness Morgan of Cotes, who said: “The amount of fraud being committed is horrifying. It causes billions of lost pounds to the UK economy every year, and for victims it can be harrowing experience and leave a lasting impact on their finances.

       “Increasingly sophisticated fraudsters have been targeting people during the pandemic. Around 80% of reported fraud is cyber-enabled and social media is mentioned in tens of thousands of fraud reports.

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       “Our committee would like to hear from a diverse a range of individuals and organisations and we’re particularly keen to receive submissions from victims of fraud.”

       The deadline for submissions is midday on April 22 2022.