Counter-fraud

Businesses and their legal, compliance and HR teams should use World Whistleblowers Day on Friday 23 June as the spur to review the effectiveness of their organisation’s ‘speak-up’ and reporting mechanisms, according to experts at Pinsent Masons.

https://www.pinsentmasons.com/out-law/news/world-whistleblowers-day-review-speak-up-reporting-mechanisms

GBG, the expert in global digital identity, is warning that fraud in the UK is rapidly becoming industrialised. It has found 40 per cent of UK businesses reporting known or suspected fraud attempts in the last 12 months. Globally, almost half (49 per cent) of the businesses that reported fraud attempts say it has increased in the last year.

https://thefintechtimes.com/despite-customer-faith-in-biometrics-only-28-of-businesses-use-biometric-checks-finds-gbg/

With the increased sophistication in fraudulent practices and especially with high value transactions, it is even more important to not only be sure you know who is party to that transaction but to also have a digital forensic trail to support and verify this.

https://www.legalfutures.co.uk/associate-news/how-a-digital-forensic-trail-can-help-reduce-fraud-when-completing-high-value-transactions

A group of the UK’s largest banks have told Prime Minister Rishi Sunak that big tech firms should help contribute to the reimbursement of fraud victims.

https://www.cityam.com/banks-tell-sunak-that-big-tech-firms-need-to-do-more-to-tackle-fraud/

People need to take greater “personal responsibility” to protect themselves against fraudsters, Suella Braverman said.

The Home Secretary highlighted a Government target to reduce fraud by 10% from 2019 levels by the end of 2024, but said that a “culture change” in the public was also needed.

https://www.expressandstar.com/news/uk-news/2023/06/14/people-need-to-take-responsibility-for-protecting-against-fraud-says-braverman/

Pankaj Gupta MBCS looks at the potential of machine learning and artificial intelligence to assist in fraud detection and prevention.

https://www.bcs.org/articles-opinion-and-research/the-tech-evolution-of-fraud-prevention/

Sam Healey, Partner, Business Crime and Regulation at JMW Solicitors, explains how to protect your business from the new “failure to prevent fraud” criminal offence.

Introduction to the new “failure to prevent fraud” criminal offence: the UK Government is committed to tackling economic crime and improving transparency over UK businesses through amendments to the Economic Crime and Corporate Transparency Bill (“the ECCT Bill”). The new legislation proposes to include a new criminal offence for corporate entities of “failure to prevent fraud.”

The digital pound could be an important weapon in regulators’ fight against the rising tide of fraud, experts have argued.

With the widespread scale of scams in the UK, Quant’s chief executive Gilbert Verdian said “we need a complete reset”. Quant builds technology for blockchains, including those underlying central bank digital currencies (CBDCs).

https://www.cityam.com/britcoin-can-bolster-defences-amid-fraud-epidemic-experts-argue/

The bosses of London-listed firms are facing tougher scrutiny on fraud and financial reporting from 2025 after Britain’s corporate governance watchdog proposed a slew of reforms today.

https://www.cityam.com/london-listed-firms-face-tougher-fraud-rules-as-watchdog-prepares-clampdown/

An alliance of banks, tech companies and telecoms groups are set to pilot a new scheme to collect information on scammers as attempts to tackle the UK’s fraud epidemic step up a notch.

The new group, Stop Scams UK, has members including the UK’s largest incumbent banks, challenger banks, telecoms providers and big tech firms. The alliance will collect information on scammers using phone numbers and email addresses provided by its members.