Counter-fraud

In this article, Arun Chauhan, fraud specialist and founder of multi-award winning disputes and compliance law firm Tenet delves into the connection between fraud prevention, the fabric of corporate culture, and the pivotal role of leadership, revealing that engaged employees aren’t just a defence against fraud, they’re the driving force behind a culture of ethics and a roadmap to unshakeable success.

https://www.thebusinessdesk.com/westmidlands/news/2077752-beyond-the-red-flags

UK law has granted protection for those who raise concerns of potential wrongdoing in the workplace (whistleblowers) since 1999 through the Public Interest Disclosure Act 1998.

The EU, when considering what its own whistleblowing protection laws should look like, recognised that the UK already grants comprehensive protection for whistleblowers. Nevertheless, there are differences between the position in the UK and the requirements of the EU Whistleblowing Directive (the “Directive”) which Member States were required to transpose into domestic law by 17 December 2021.

A report by the Social Market Foundation (SMF) has revealed almost 60 per cent of people believe tech giants should share responsibility in refunding fraud victims.

Sponsored by Nationwide Building Society, the findings analysed the impact of fraud on victims, revealing the “fraudemic” crime spree sees one in ten targeted.

https://www.holyrood.com/news/view,fraudemic-affecting-one-in-ten-people-poll-finds

Scots are being warned of a significant rise in scams linked to the ongoing cost-of-living crisis.

As prices and household bills continue to soar, crooks are adapting their tactics to con people out of cash, new figures show.

https://www.sundaypost.com/fp/how-to-avoid-scammers-exploiting-cost-of-living-crisis/

A surge in online scammers and dwindling police resources to combat the threat are causing the highest ever levels of fraud in Scotland, with nearly 50 cases a day.

Overseas criminals are committing so many online crimes that police are now struggling to solve barely one in eight fraud instances, figures show.

https://www.policeprofessional.com/news/police-struggle-to-stop-overseas-scammers-as-fraud-cases-double-to-nearly-50-a-day/

The Government is “flying blind” on its exposure to fraud, which has quadrupled since the start of the Covid pandemic, MPs have said.

The cross-party Public Accounts Committee (PAC) also said that while most of the £21 billion of taxpayers’ money lost to fraud during the pandemic is unlikely to be recovered, the Government should be doing more to recoup what it can.

Technology improvements and globalization have opened up new business opportunities, but they have also paved the way for a variety of fraud schemes that can gravely damage a company’s money, reputation, and growth prospects. Insider trading, data breaches, embezzlement, and cyberattacks are just a few examples of the many different forms and sizes that fraud can take. Strong procedures must be put in place by companies of all sizes to protect themselves from these dangers. We’ll explore in-depth fraud prevention and interest protection measures for businesses in this blog article.

https://www.fluxmagazine.com/how-businesses-avoid-fraud-protect-themselves/

Fraudsters are getting more innovative to take advantage of bilateral 5G agreements on international data roaming.

Losses from global roaming fraud are anticipated to exceed $8 billion (£6.34bn) by 2028, driven by the increase in bilateral roaming agreements for data-intensive use cases over 5G networks.

Investors, no matter how sophisticated, make mistakes. Even presumed experts like financial advisers and wealth managers investing in good faith still lose money.

Sometimes, however, financial managers are negligent, making it easy for fraudsters to take advantage. In other instances, purported financial managers are the scammers themselves, and those who entrust their money to them fall victim.

Lawyers are calling for the UK’s tax authority to expand its whistleblower rewards scheme as new figures show that HMRC paid out over £500,000 to people blowing the whistle on tax fraud.

HMRC has paid out over £509,000 to individuals providing evidence about tax fraud during the course of the last financial year, up from £495,000 the previous year.