Counter-fraud

Not every fraud is the result of opportunism. There are many reasons – both overtly criminal and misguided but well-meaning – why people turn towards economic crime.

https://www.icaew.com/insights/viewpoints-on-the-news/2023/oct-2023/understanding-the-mindset-of-fraud

Whistleblowing complaints are growing in frequency all over the world and in all kinds of organisations.

Governments around the world increasingly view whistleblowing as an excellent source of information in the drive to improve regulatory compliance and accountability. As a result, many jurisdictions now have, or are planning, legislation guaranteeing whistleblower protection in an effort to encourage more employees to come forward with evidence of wrongdoing.

Fraud is the most common crime in the UK. Every MP will have constituents who have lost money to fraudsters, with more than £1.2bn stolen by fraudsters last year alone.

https://www.politicshome.com/members/article/its-time-for-social-media-and-technology-companies-to-put-a-stop-to-fraud

The Nottingham-based firm provides data and analytical tools to its clients around the world, helping businesses manage credit risk, prevent fraud, target marketing offers and automate decision-making.

Its expertise and access to data will massively strengthen the Nottinghamshire Fraud Partnership’s ability to dynamically identify trends in fraud across the county, including the age and demographics of victims and perpetrators – so that fraud prevention measures can be targeted in the most effective way.

https://uk.sports.yahoo.com/news/experian-joins-nottinghamshire-fraud-fighting-081609071.html

People are more worried about the effects of online fraud than other crimes, such as knife crime, burglary and sexual offences, according to a new survey.

The poll – for criminal justice experts at Crest Advisory – found that young people were the group most likely to be affected by online fraud, even though half of those questioned believed the elderly were most at risk.

https://www.policeprofessional.com/news/people-more-worried-about-being-victims-of-online-fraud-than-other-crimes-survey-finds/

University of Edinburgh spin-out Smart Data Foundry (SDF) is to partner with key financial bodies to use groundbreaking synthetic dataset against fraud.

https://www.holyrood.com/news/view,new-antifraud-tool-as-scottish-data-experts-launch-groundbreaking-synthetic-dataset

Mike Miller, ICAEW’s Economic Crime Manager, outlines the key aspects of the new failure to prevent fraud offence, which will come into effect when the Economic Crime and Corporate Transparency Bill receives Royal Assent.

https://www.icaew.com/insights/viewpoints-on-the-news/2023/sep-2023/failure-to-prevent-fraud-whats-coming

The UK has witnessed significant escalations in both the frequency and sophistication of economic crime in recent years. Organisations are exposed to many types of fraud, internally and externally, with the digitalisation of society only increasing vulnerability.

https://www.marsh.com/uk/services/financial-professional-liability/insights/mitigating-fraud-risk-ahead-of-uk-corporate-governance-reforms-and-economic-crime-bill.html

FRAUD in our modern age clearly knows no bounds.

For the criminally minded, all those on the make at the cost of others, the advent of the web and mobiles and social media clearly manna from heaven.

If your business pays a fraudulent invoice by mistake, do you understand the legal position and what practical steps you should immediately take?

Banks and cyber authorities have long been warning businesses to be vigilant when paying supplier invoices, but the threat of supplier invoice fraud has only been increasing. This type of fraud now accounts for approximately 55% of all fraud in the UK, with UK businesses losing an average of £295,000 a year to the scams.