Home secretary James Cleverly will discuss the threats posed by organised crime groups, and how global law enforcement can tackle it, during a series of meetings with senior ministers and representatives from the G7, Five Eyes, Singapore, and South Korea.

The ministers will also explore how closer partnerships with the private sector can be used to counter criminality and reimburse victims of crime. Representatives from some of the world’s biggest tech companies, such as Amazon and Apple according to Bloomberg, are expected to attend.

Fraud is a global problem, with around 70% of all offences in the UK having ties to overseas criminals, with £3 billion lost to overseas accounts last year.

“This summit delivers on yet another pledge we made to the British people in our Fraud Strategy and is a clear sign of the UK’s status as a world leader,” said home secretary James Cleverly.

“Fraudsters have no regard for boundaries, they devastate citizens in all our countries. We will only put a stop to this scourge if we fight it head on together, and that’s precisely what we plan to do.”

A key aim of the summit is to increase partnership work between law enforcement agencies, such as the National Crime Agency, the FBI, INTERPOL, Europol, and the Japan National Police Agency.

In 2022, UK law enforcement agencies worked with international partners, including the FBI and Europol, to take down an online service known as iSpoof. The website was used to make more than 10 million fraudulent phone calls. Its administrator was jailed for more than 13 years.

Jürgen Stock, INTERPOL secretary general, noted: “Changes in technology and the rapid increase in the scale and volume of organised crime has driven the creation of a range of new ways to defraud innocent people, business and even governments. Urgent action is required.

“It is important that there are no safe havens for financial fraudsters to operate. We must close existing gaps and ensure information sharing between sectors and across borders is the norm, not the exception. This summit is both timely, and needed.”

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The summit will also aim to encourage greater collaboration between government and industry to tackle fraud.

The UK is already collaborating with the private sector, as shown by the “world first” Online Fraud Charter, a voluntary agreement the UK agreed with 12 leading tech companies in November 2023.

The agreement includes measures to verify sellers on peer-to-peer marketplaces, promptly remove fraudulent advertising, and allow people using online dating services to only interact with people who have confirmed their identities.

Partner countries agreeing similar charters will severely hinder fraudsters, who rely upon new technologies to commit fraud.

Antony Walker, deputy CEO, techUK said: “The Global Fraud Summit will provide tech companies with the platform to build upon their existing efforts and enable better and more consistent cooperation between the private sector, government, and law enforcement in the fight against fraud and online scams.

“As the nature of online fraud continues to evolve, tech companies remain committed to taking measures against online fraud, adapting their approaches to effectively counter this criminal activity and protect users.”