Counter-fraud

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/

Legal experts are expecting the enactment of a series of new anti-fraud measures this year, particularly via the economic crime and corporate transparency bill. What effect will this have on British businesses?

https://www.raconteur.net/risk-regulation/what-does-new-anti-fraud-regulation-mean-for-uk-plc/

Pension scams are on the rise. A survey by pension provider Scottish Widows found 18% of men had been targeted at least once by scammers, and 28% of savers are anxious about falling victim to fraud.

https://www.itv.com/thismorning/articles/alexis-conrans-top-tips-to-avoid-pension-scams

As a recession looms, fraud is widely expected to proliferate. A key challenge for businesses is to keep the criminals at bay without also repelling their customers

https://www.raconteur.net/risk-regulation/fraud-is-your-firm-ready-for-the-downturn-upsurge/