Counter-fraud

Cold calls which cheat people out of their money by tricking them into buying fake investments are to be banned under government plans to be announced next week.

https://uk.sports.yahoo.com/news/cold-calls-financial-deals-banned-054529849.html

When a Coutts client heard of an attractive investment opportunity from an old friend, he jumped at the chance to get involved. But it turned out the well-known company they thought they were investing in was actually a fraudulent clone of it, and they both lost their money.

https://www.coutts.com/insight-articles/news/2023/investment-fraud-the-long-con.html

People across Nottinghamshire are being asked to take five to stop fraud and ensure they do not fall victim to a fraudulent attack by phone, text, email or online.

https://westbridgfordwire.com/fraud-warning-advice-shared-by-councils-in-nottinghamshire/

The Payments Association, which celebrates innovation and collaboration across the payments industry, has released a new whitepaper. It examines the current arrangements for sharing data to prevent economic crime in the UK.

https://thefintechtimes.com/public-and-private-sector-data-sharing-collaboration-is-key-to-stopping-the-rise-of-uk-economic-crime/

British adults aged 34 and under are about twice as likely to fall victim to financial scams than any older age group, a new survey suggests.

About one in five 18 to 34-year-olds have been deceived by scammers, compared with around 10% of over-35s, according to an Opinium poll carried out for online bank Marcus by Goldman Sachs, as reported by Sky.

https://www.punchline-gloucester.com/articles/aanews/young-adults-under-34-twice-as-likely-to-fall-victim-to-fraud-and-online-financial-scams

Right now, households in the UK are facing some of the most challenging economic conditions in decades.

https://www.finextra.com/blogposting/24027/tackling-financial-fraud-how-threats-are-changing-throughout-the-global-downturn

Britain is a “haven” for fraudsters as less than 1% of reported cases result in charges, a damning report into the Government’s handling of the growing problem has said.

UK employers will be increasingly required to have in place appropriate channels for whistleblower reporting which are properly resourced, accountable and protect confidentiality, as the government is considering ways to improve the whistleblowing laws applicable in England, Wales and Scotland.

https://www.pinsentmasons.com/out-law/news/uk-whistleblowing-laws-compliance

The government has launched a review of the whistleblowing framework

https://www.gov.uk/government/news/government-reviews-whistleblowing-laws

When considering fraud from a business perspective, it is important to assess the breadth of use cases available to fraudsters. As businesses globally continue to move toward a digital-first approach, significant challenges accompany the opportunities on offer. According to the World Economic Forum, revenue estimates from illegal activity sit at between 2-5% of global GDP, at around $2 trillion USD.

https://www.smeweb.com/2023/03/14/top-tips-to-prevent-sme-fraud/