‘Cyberspace invaders are there to take a ride on the back of the latest innovation,’ warns Lord Mayor

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City of London, Professor Michael Mainelli
Credit City of London Corporation and Clive Totman

‘Cyberspace invaders are there to take a ride on the back of the latest innovation,’ warns Lord Mayor.

The Lord Mayor of the City of London, Professor Michael Mainelli, delivered a speech on Sunday 10 March at the City of London Corporation’s Guildhall headquarters, raising awareness about fraud and its links to the advancement of artificial intelligence.

Fraud is the most commonly experienced crime in the UK, with it accounting for over 40% of crime in England and Wales, according to the National Crime Agency.

The Office of National Statistics reported fraud was the most common crime type between April 2022 – March 2023, with an estimated 3.5 million incidents of fraud experienced by adults aged 16 and over.

The Lord Mayor said: “Every time technology advances, these cyberspace invaders are there to take a ride on the back of the latest innovation – especially the many opportunities offered by Artificial Intelligence.

“Which is why our responses also need to advance, to stay ahead of the criminals. If fraudsters are harnessing the latest technology to target businesses and individuals – then we must do the same to target them, and to protect the public.”

NOW READ: Chris Hayward on Fraud

Later this month, The Lord Mayor will host a roundtable at Mansion House with the banking and tech sectors to discuss international efforts and working with ‘internet giants’ to prevent fraud.

He said: “Fraudsters have no respect for national boundaries, so we also recommended greater international cooperation – which is the cornerstone of the ability of anti-fraud authorities to pursue criminals across borders, stop them, and recover assets.

“This includes bringing together the international payment providers and the Big Tech firms – who have the skills and resources, if properly motivated and supported, to deliver many anti-fraud technologies as a ‘matter of course’ – and globally.

“We need to work with these internet giants to develop our analytical capacity, allowing us to identify and address existing criminal threats more quickly.”

Members of the audience at the Guildhall headquarters included Her Royal Highness The Princess Royal, UK Home Secretary James Cleverly, foreign government principles, industry leads and senior law enforcement representatives.

The City of London Police and Action Fraud were unable to provide a quote.

For more information on preventing fraud, visit the Stop Think Fraud Website website:

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