Counter-fraud

EU rules set to transform VAT fraud detection in e-commerce come into effect from 1 January 2024.

From 1 January 2024, payment service providers (PSPs) offering payment services in the EU will be required to monitor the payees of cross-border payments. PSPs will be required to provide to the tax administrations in member states information of any business that receives more than 25 cross-border payments per quarter.

The voluntary position is responsible for driving collaboration between the Government, law enforcement and the private sector to help block fraud, which accounts for 40 per cent of all crime in the UK.

https://www.policeprofessional.com/news/new-anti-fraud-champion-appointed-to-help-turn-the-tide-on-fraudsters/

In a recent interview with Insurance Business, Jennifer Wells, head of crime at Aviva UK, highlighted some of the key ways in which a crime insurance policy can help businesses protect their balance sheets.

https://www.insurancebusinessmag.com/uk/news/breaking-news/understanding-the-continued-threat-of-internal-fraud-468923.aspx

Future historians looking to define our era will have little trouble naming the epoch; we are living in the ‘Data Age’. According to numerous sources, 90% of the data created in the world was created in the last two years and it is predicted that the volume of data created will double every two years.

https://www.finextra.com/the-long-read/878/a-data-driven-response-to-economic-crime-in-the-uk

With the retail sector in the full swing of the holiday season, Worldpay uncovers four strategies for protecting businesses from fraud whilst still ensuring a successful festive period for growth

The excitement of increased sales opportunities is coupled with the heightened risk of fraud for many a business across this year’s golden quarter.

On Thursday 23 November our Head of Wealth Business Controls & Financial Crime, David Martin, sat down with three fraud experts to discuss just how easy it is for anyone to become a potential victim of fraud. If you haven’t been a victim yourself, you might be forgiven for thinking it couldn’t happen to you. Sadly, we know that people of all ages and every profession can become a victim of fraud.

https://www.coutts.com/insight-articles/news/2023/fraud-event-it-couldnt-happen-to-me-could-it.html

The UK government and some of the world's biggest tech companies have agreed a series of pledges to protect the public from online fraud.

https://www.gov.uk/government/news/world-first-agreement-to-tackle-online-fraud

Despite the general assumption that older banking customers are more at risk of falling victim to fraud, GFT‘s latest ‘Banking Disruption Index’ has revealed that almost half (48 per cent) of 25 to 34-year-olds have, or know someone who has, been a victim of financial fraud, with fraudsters taking £570 from people on average.

https://thefintechtimes.com/gft-younger-adults-most-vulnerable-to-fraud-while-fraudsters-target-over-55s-for-over-900-each/

On October 26 2023, the Economic Crime and Corporate Transparency Act 2023 received Royal Assent.

The act encompasses a wide range of reforms, including changes to Companies House and increased powers for the Serious Fraud Office and National Crime Agency to combat economic crime.

https://www.ftadviser.com/your-industry/2023/11/27/what-reasonable-fraud-prevention-procedures-can-companies-put-in-place/

The Financial Conduct Authority has stated its disappointment with the way firms supported victims of fraud. The review found that in the first half of 2023, 116,000 people reported falling victim to Authorised Push Payment (APP) fraud. This occurs when someone is tricked into sending money to a fraudster posing as a genuine payee.

The review calls for better support from banks and payment providers, but Vivek Dodd, CEO of online compliance training provider, has shared how businesses themselves can help prevent customers from falling victim to scams.