Counter-fraud

The Home Secretary has hailed a pledge by world leaders to unite to fight fraud as a “massive step forward” in efforts to crack down on the crime.

The agreement was signed as representatives from governments of the Five Eyes intelligence partnership – the UK, US, Canada, Australia and New Zealand – as well as those from France, Germany, Italy, Japan, Singapore and South Korea attended a summit in London.

Fraud is the most common type of crime we face. 38% of all crime committed in England and Wales last year was fraud – it costs money, weakens our economic security, and ruins lives.

On Sunday, I welcomed ministers from the G7 and Five Eyes countries, global law enforcement agencies, tech companies, and industry partners to Guildhall as part of the government’s Global Fraud Summit.

Fraud is perpetrated with such speed that a joint global effort is required to tackle the crime, HRH Princess Anne told the opening of the Global Fraud Summit.

The inaugural event held at the Guildhall in London sees senior ministers and representatives from 11 countries discuss how law enforcement agencies can come together to enhance the global fight against fraudsters.

A reformed fraudster will provide a “unique insight” into fraud as part of a London-wide initiative to increase awareness and understanding about the various types of scams and make people less vulnerable to becoming victims.

He will work alongside a retired detective chief superintendent from the Metropolitan Police Service in the fraud prevention project, providing personal experience of the “tradecraft and methodology of fraudsters”.

https://policeprofessional.com/news/reformed-fraudster-to-provide-unique-insight-in-fraud-prevention-initiative/

Hundreds of “erroneous” filings made at Companies House have raised fears over a sophisticated fraud targeted at banks and other financial institutions as the government faces criticism for the register’s lack of funding and checks on false information.

The issue stems from around 800 forms on the settlement of debts submitted on 190 companies at the government-owned corporate register, all apparently made from the same account.

New Companies House regime aims to improve data quality and counter misuse – a timely introduction as banks are on high alert due to a spike in potential fraudulent company filings.

Companies House has gained new powers this week to improve the quality of its data and beef up its ability to prevent fraud within the companies’ register. The move comes after the UK’s banks were alerted to possible rogue filings at the register.

Organised criminal groups are switching from riskier drug rackets to fraud in the EU and many don't hesitate to use violence to protect their activities, the bloc's chief prosecutor told AFP in an interview.

Laura Kovesi said that value-added tax (VAT) fraud accounted for 59 percent of the estimated 19 billion euros ($21 billion) in damage to the EU budget arising from cases opened for investigation last year by her European Public Prosecutor's Office (EPPO).

Due to high demand, Surrey and Sussex Police are expanding their monthly webinars about Cyber Security and Online Fraud. For further information and to register for upcoming webinars please see the following link: Online Safety and Cyber Security Webinars | Eventbrite

The webinars are delivered by the Protect Officer for Surrey and Sussex Police Cyber Crime Unit to empower people with knowledge to navigate the digital world safely.

Just under half (42 per cent) of regulated firms have reported a rise in financial crime attempts, according to anti-money laundering provider SmartSearch.

The survey, which asked over 500 UK businesses across the legal, property, finance and accountancy sectors, found nearly half (48 per cent) of legal professionals, solicitors and conveyancers reported a rise in financial crime attempts in 2023, compared to 34 per cent the year prior.

https://www.ftadviser.com/your-industry/2024/02/27/half-of-firms-battle-surge-in-financial-crime-attempts/

Business leaders are worried that worsening economic conditions are driving up financial crime and putting vulnerable customers at risk, according to a new survey from the Institute of Business Ethics (IBE).

The Ethical Risks 2024 survey shows that economic conditions – such as the cost of living crisis, high energy prices, and high rate of inflation – are the highest-ranked ethical risk factor for businesses, according to the survey of 1,051 UK business leaders.