The next UK government should introduce a bill that forces technology, social media and telecoms firms to contribute £40 million a year to fight fraud and scams, says UK Finance.

Authorised Push Payment fraud has soared in recent years, with UK losses of more than $500 million last year. To tackle this, regulators are rolling out new rules for the banking industry that, from October, will see the vast majority of money lost to APP frauds reimbursed to victims.