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banks substantially under-report crime to avoid reputational damage

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Not sure where to report this, perhaps this is the most appropriate board.
Banks should report all cases of fraud to law enforcement agencies and punishments should be substantially increased, according to a committee of MPs.

The House of Commons Home Affairs Committee says that because financial institutions do not report all online crime, the total is significantly underestimated. The UK Government uses an estimate of the cost of online crime produced by the Cabinet Office and Detica of £27 billion, which one witness told the committee had been met with “widespread scorn”. The committee recommends that the Government “publicly distances itself” from the report.


Currently banks share information on fraud through agencies such as Cifas and the Payments Council, allowing them to report levels and monitor trends without risking reputational damage through direct public disclosure.


http://www.bankingtech.com/156562/mps-call-on-banks-to-report-electronic-crime-direct-to-police/
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