Lloyds CEO Warns UK Online Fraud Cases Set to Worsen

Britain’s attempts to slow down the explosion in online fraud “aren’t working,” according to Charlie Nunn, chief executive officer of Lloyds Banking Group Plc.

Nunn told the Treasury select committee on Tuesday that the rate of fraud will only worsen without a way to “intervene upstream” via the technology platforms that host scams.

UK banks, which have been required to refund most victims of so-called authorized push payment fraud since October, have long called for technology firms to shoulder more of the responsibility for tackling online crime.

According to the trade body UK Finance, over £570 million ...