Fraud devastates lives, and this Government are determined to meet that challenge head-on, including through the new expanded fraud strategy that we promised in our manifesto. We are working with law enforcement and industry to better protect the public, and we are demanding that the tech companies go further and faster to protect consumers at risk of fraud on their platforms.

My hon. Friend raises an important issue, not least that the vast majority of scams are perpetrated by criminal gangs based overseas. We need the support of overseas Governments and agencies and the co-operation of tech firms to prevent fraud from taking place on their platforms. My noble Friend Lord Hanson will be meeting tech firms next month to confirm what action is being taken. Working across Government, including with partners in DSIT and others, we will not hesitate to take further action where necessary.

It was disappointing to see in the January figures that fraud has risen again after it had been coming down, but I commend the Government for proceeding with the Payment Services (Amendment) Regulations 2024 to slow down payments where there is a reasonable suspicion of fraudulent activity. What effect does the Minister believe that change will make?

The right hon. Gentleman makes an important point. He is right that the latest statistics show that there were 3.9 million incidents in the year ending September 2024—that is one in 15 people becoming a victim—which demonstrates the urgent need for action. The Government are taking action: the Home Secretary, the Chancellor and the Secretary of State for Science, Innovation and Technology recently wrote to tech and telecoms companies, urging them to go faster and further on fraud, and we expect them to do so.