Counter-fraud

LONDON (Reuters) - An independent review is to look at whether accountants in Britain should check for fraud when auditing company finances so they could potentially spot problems that cause corporate crashes, the business ministry said on Friday.

https://uk.finance.yahoo.com/news/britain-look-whether-auditors-check-fraud-150934173--sector.html?soc_src=social-sh&soc_trk=tw

A system designed to better protect banking customers from authorised push payment scams that cost them nearly £150million in the first six months of 2018 will not be ready until next year, the head of UK Finance has admitted to MPs.

https://www.dailymail.co.uk/money/beatthescammers/article-6704155/Confirmation-Payee-help-prevent-bank-account-fraud-delayed.html

A government-commissioned review will examine how far auditors should go in detecting fraud at companies.

The protocol provides CA member firms with practical information on how criminals operate and the measures firms, and their staff, can take to avoid being victims of fraud and cyber-crime.

https://www.mortgagefinancegazette.com/market-news/fraud/conveyancing-association-updates-cyberfraud-fraud-protocol-2-04-02-2019/

The Insurance Fraud Bureau (IFB) recently teamed up with data analytics firm SAS to launch a new fraud prevention platform, which facilitates information sharing between insurers and authorities to identify and stop fraudulent activity.

https://www.insurancebusinessmag.com/uk/news/breaking-news/how-insurance-can-hit-back-against-fraud-123815.aspx#.XFbEFtpNnYk.twitter

The hard lesson from the collapse of Patisserie Valerie is that sometimes no amount of research is enough.

Grant Thornton’s new chief executive clashed with MPs today over whether his firm should detect fraud at companies it audits, in a debate that touched on the industry’s much-analysed expectations gap.

http://www.cityam.com/272490/were-not-looking-fraud-new-grant-thornton-boss-clashes-mps

Data analytics provider SAS has announced a new partnership with the Insurance Fraud Bureau (IFB) in the UK; the organisations have launched a new fraud prevention platform that will help insurers and other institutions, including legal authorities, to quickly and efficiently share information and consequently clamp down on the actions of fraudsters.

https://www.itij.com/story/115207/anti-fraud-team-sas-and-ifb

With the incidence of fraud increasing and fraudsters showing a growing sophistication, a centralised approach has become essential, says FCase‘s Barry Bowen.

https://www.bankingtech.com/2019/01/the-challenge-of-fraud-operations-management/

UK Insurance Fraud has been in the headlines for many years. Crash for Cash which seems to be announced as a new form of fraud every 5 years or so, is a very real and costly type of fraud. The Insurance Industry has been very much at the lead of tackling fraud and hitting the headlines with successes. So, not too much too worry about if you aren’t involved in insurance? Please think again. Keep reading, it will soon be relevant to you and your working day.

https://www.linkedin.com/pulse/fraud-still-treated-like-skeleton-closet-peter-taylor-the-fraud-guy-/