Counter-fraud

Those celebrating Christmas are being reminded to stay alert to fraudsters who take advantage at this time of year.

Action Fraud, the national fraud and cybercrime reporting service, has launched their Christmas campaign, revealing 12 types of fraud to look out for throughout the festive season both in person and online.

If you’ve had money stolen by fraudsters or provided your financial information to someone, tell your bank immediately and report it to Action Fraud at actionfraud.police.uk or by calling 0300 123 2040. If in Scotland, call Police Scotland on 101.

Effective data sharing between organisations and across different digital sectors is an important factor in preventing data-enabled scams and fraud.

The UK GDPR and the Data Protection Act 2018 (DPA) do not prevent you from sharing personal information where it is appropriate to do so, or from taking steps to prevent harm.

This advice is aimed at private sector organisations across the digital economy such as financial services, telecommunications and digital platforms that want to share personal information with each other to support scam and fraud mitigation efforts.

Our role is to help and encourage organisations to carry out this data sharing in a confident, responsible and compliant way. That includes following the principles of the UK GDPR as well as ensuring that you respect people’s information rights.

The ICO continues to engage with private and public sector organisations to support efforts to prevent people being harmed from scams and fraud.

In the first half of 2024 over £570 million was stolen by criminals through fraud. UK Finance’s Take Five to Stop Fraud campaign is warning those who speak English as a second language (ESL) to stay alert to fraudulent requests for their money and personal information.

Research by the Take Five campaign reveals that three quarters (73 per cent) of people who speak English as a second language have faced criminals trying to trick them into sharing their financial or personal information in 2024.

Take Five’s core message is to “Stop, Challenge, and Protect” when asked for your money or information. The public are encouraged to pause before making decisions, challenge suspicious communications, and protect themselves and others by reporting any fraud to their bank.

Almost double the amount has been paid out to people who report suspected tax evasion. While the amounts given to whistleblowers are discretionary in the UK and not on par with the more lucrative system used in the USA, data shows that HMRC paid out nearly £1 million (£978,256) to people who provided actionable intelligence on tax fraud in 2023/24, up from £508,500 the previous year.

https://uk.news.yahoo.com/hmrc-pay-tax-evasion-tip-125701958.html

Top financial firms, telcos, and technology leaders launch a collaborative programme in International Fraud Awareness Week to tackle financial crime across the UK.

As part of International Fraud Awareness week, 11 industry partners including BT, HSBC, Morgan Stanley, Abrdn, TSB, Virgin Money, Lloyds Banking Group, Barclays, Fujitsu, Equifax and Dudley Building Society are collaborating to launch an innovation programme focused on addressing financial crime.

FinTech Scotland, SuperTech West Midlands, and Greater Manchester Combined Authority, brought together through the Innovate UK Innovation Accelerators programme, will lead the UK wide innovation call aiming from within the Financial Regulation Innovation Lab to tackle financial crime challenges.

Innovators worldwide are invited to apply to join the programme by 13 January 2025.

Around five million travellers are expected to fly out of the UK for the New Year, with Christmas Day proving to be one of the most pleasant days to fly, thanks to low traffic and quieter airports.

However, with holiday scams tripling in the first half of 2024, you need to be vigilant for familiar issues like fake booking listings and phishing emails aiming to get your personal details.

The Cumberland Building Society has strengthened its commitment to protecting customers from fraud during International Fraud Awareness Week.

The society aims to empower individuals and businesses by spreading awareness about common scams, providing tips for safeguarding personal information, and stressing the importance of swift action if fraud is suspected.

The building society seeks to raise awareness of common scams, provide tips for safeguarding personal information, and highlight the importance of taking action if fraud is suspected.

A new offence of ‘failure to prevent fraud’ is a good start, but if we really want to stop this crime we need better incentives for whistleblowers, says Dr Alison Cronin

Earlier this month the government published its guidance on the new corporate ‘failure to prevent fraud’ offence, from the Economic Crime and Corporate Transparency Act 2023, which will come into force next year.

The Home Office deserves some credit. Unlike the attribution of corporate liability for the substantive offence of fraud itself, for which it is necessary to show that senior managers or directors were involved or knew about the fraud, the new failure to prevent offence is suitably broad. Instead of relying on just senior managers or directors, it holds large organisations to account where an employee, agent, subsidiary, or other “associated person” commits a fraud offence. Liability can be imposed where the organisation did not have reasonable procedures in place to prevent the offence and the fraudster intended to benefit: the organisation, its clients, or indeed just the fraudster themselves if their actions also benefitted the organisation.

The UK may look to follow the lead of the US in introducing a whistleblowing reward scheme in a bid to combat corporate crime.

US Deputy Attorney General Lisa Monaco recently announced a new Department of Justice-run corporate whistleblower rewards pilot programme, highlighting the critical role whistleblowers play in uncovering corporate misconduct. The new pilot programme also aims to encourage more corporate self-reporting.

Virgin Media 02 has called on the new Labour government to appoint a dedicated minister for fraud and set up a centralised, specialised national body to handle investigations.

The telecom giant has argued that current law enforcement resources regarding fraud “remain inadequate” despite fraudulent activity representing 40 per cent of all crime in the UK.