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<p>The Government takes fraud very seriously. We continue to work closely with industry
to close down the vulnerabilities that fraudsters exploit and ensure members of the
public have the information they need to spot a scam and stand up to fraudsters. These
actions include the Joint Fraud Taskforce which is helping to build a collaborative
law enforcement, government and industry response to tackling fraud.</p><p> </p><p>Illegal
lenders, or ‘loan sharks’, can also prey on victims in various forms including by
posing as fake loan companies. To tackle this crime, the Government funds the Illegal
Money Lending Teams (IMLTs), via a levy on the financial services industry. The IMLTs
have powers to deal with wider criminality associated with loan sharks, such as fraud,
and can seize the assets of convicted loan sharks to fund support for victims and
raise awareness of the dangers of illegal lending in affected communities.</p><p>
</p><p>The Government and IMLTs are alert to the particular challenges faced by vulnerable
consumers as a result of COVID-19 and continue to work together to ensure that this
dangerous and illegal activity is stopped.</p>
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