Against an uncertain economic backdrop, one industry is booming.

Internet fraudsters are scamming more and more victims worldwide. Using increasingly sophisticated methods, they are now stealing even from the most prepared among us.

But while the number of online frauds and the volumes of money involved are increasing, so are the efforts to stop scammers.

In the latest New Money Review podcast, I’m joined by Simon Miller, director of policy and communications at Stop Scams UK.

In the podcast, we discuss:

• Why the volumes of scams and the money lost are significantly underreported
• How scammers target our insecurities and vulnerabilities
• Why scams have shot up governments’ policy agendas
• Why cross-sector data sharing can help prevent scams
• Should all scam victims get their money back?
• Who should compensate scam victims—banks, tech firms or telecoms?
• Why fraudsters like digital payments
• Why fintechs face higher compliance costs
• Why combating scams requires global coordination
• Why artificial intelligence (AI) is both bad and good news
• The trade-off between privacy and fraud prevention
• How to reduce the chances of being scammed
• Why the Israel-Gaza war will drive new charity scams