At the summit in London, ministers, financial institutions and tech giants from around the world will discuss international action to combat fraudsters.
Interpol general secretary Jürgen Stock said cross-border cooperation was needed to “eliminate safe havens for financial fraudsters”.
The Lancaster House Summit will be attended by representatives from the Five Eyes Information Partnership governments (UK, US, Canada, Australia and New Zealand).
Other participating countries include France, Germany, Italy, Japan, Singapore, and South Korea.
Tech companies such as Amazon, Apple, Google, Meta, TikTok and LinkedIn will also take part in the gathering, as well as financial sector organizations such as HSBC, NatWest, Santander and Visa, as well as national and international banking associations.
Future Interpol threat assessments are expected to show a worrying increase in fraudulent activity around the world.
“Changes in technology and the rapid increase in the size and volume of organized crime are creating a variety of new ways to deceive innocent people, businesses, and even governments,” said Stock. “We need urgent action.
“It is important that there are no safe spaces for financial fraudsters to operate.”
Around 70% of UK fraud crimes are linked to overseas criminals, with £3bn lost to overseas accounts last year.
Interpol warns that scams are often carried out by organized crime groups, including human traffickers, who put people to work in fraud centers targeting potential victims around the world.
Home Secretary James Cleverley said: “Scammers don't care about borders and are devastating people in every country.
“It is only by fighting head-on together that we can end this scourge, and that is exactly what we plan to do.”
Mr. Cleverley told those in attendance Sunday night. “Fraud is an often overlooked crime. It often happens invisibly, and often without the victim realizing it.
“Victims may be too embarrassed to do anything and perhaps feel that they are stupid and that what happened to them is somehow their own fault.
“This is the first time we are formally meeting internationally to discuss how to fight fraud, prevent fraud and bring fraudsters to justice.
“The main reason we actually come together physically is the opportunity to exchange notes, exchange ideas, exchange business cards and phone numbers.
“I've always said that if you're not networking, you're not working, so take this opportunity to connect.”
Also speaking on Sunday night, the princess royal said she wanted attendees to “discuss the far-reaching impact of fraud on ordinary people around the world, especially those least able to protect themselves.”
“Fraud undermines the foundations of trust and integrity…it damages the reputation of businesses of all sizes,” she added.
“In some cases, the key is the fraudsters themselves not taking their crimes seriously.
“Scammers need a clearer understanding of how much damage they can do with this method.”
Mr Ang said tackling fraud is not an “easy challenge”, but said governments and private organizations alike have a “duty to protect the public from fraud”.
“It will require a concerted effort from the private sector and civil society,” she says. “We look forward to working together to build a future where the dignity and well-being of every individual is protected from exploitation.”
Graham Biggar, head of the National Crime Agency, said: “More than 70 per cent of fraud has an international element and it is clear that we need an efficient and effective joint response with partners around the world.” Stated.
“The Global Fraud Summit is an important step forward, bringing together colleagues from the public and private sectors to address this persistent and pervasive threat.”
