Counter-fraud

In this alert, Partner Emma Bartlett and Associate Harriet Riddick discuss six practical steps that in-house counsel can take to prepare for and deal with whistleblowing complaints, so that they can, in fact, become an asset to the business; encouraging early disclosure of potential whistleblowing issues should be a key priority to preserve integrity and a culture of openness.

https://www.cm-murray.com/knowledge/workplace-whistleblowing-practical-tips-for-in-house-lawyers/

In the business world, due diligence refers to the investigation and steps were taken by organisations to satisfy all legal requirements before buying or selling products/ services or entering into a contract or a financial arrangement with another party. An Integrity Due Diligence allows an organisation to reduce risks – including risks arising from the FCPA (Foreign Corrupt Practices Act) and the UKBA (U.K. Bribery Act), to make informed decisions and pursue takeovers or mergers with more confidence. Due diligence is vital to prevent many types of fraud. While in some cases, it is also up to the consumer to do their own personal due diligence. Due diligence sounds complicated, but it is merely the process of doing your homework before you make a significant commitment.

https://crigroup.com/personal-due-diligence-tips-you-need-to-know/

Highways England counter fraud officers are understood to have spent two days on the site of the M1 smart motorway project running from junction 13 near Milton Keynes to junction 16 near Northampton.

https://www.constructionenquirer.com/2021/06/01/highways-counter-fraud-team-probes-m1-smart-motorway-job/

Working from home is now the norm for so many people, but with one in ten employees still wanting a remote lifestyle for the foreseeable future, what does that mean for employers and what exactly are the risks?

https://www.openaccessgovernment.org/are-you-protected-against-work-from-home-fraud/111651/

Over £63m was lost nationally to investment fraud across 5,039 reports that referred to a social media platform in 2020/21, according to Action Fraud.

https://pensionsage.com/pa/63m-lost-social-media-based-investment-scams-over-202021.php

While we’ve all been distracted about the Covid-19 pandemic, an epidemic of a very different kind has been flourishing.

https://metro.co.uk/2021/05/25/how-fraud-can-impact-businesses-and-where-to-get-help-14632006/?ito=article.desktop.share.top.twitter

Money mules are a hot topic in fraud prevention circles these days. But wait a minute, isn't that more of an AML issue? I mean the literal definition of money laundering is "concealing the origins of illegally obtained money". That's money muling to a T. However, when you look across the lifecycle of muling activity, it becomes more complex. And when it comes to categorizing money mules within a specific fraud/AML use case, mules indeed have an identity crisis.

https://www.finextra.com/blogposting/20358/money-mules---an-identity-crisis

There has been a sharp drop in crime during stay-at-home directives and social isolation. New York Mayor Bill de Blasio said his city hasn’t seen such low levels of crime “since the 1950s.”

https://losspreventionmedia.com/post-pandemic-employee-fraud/

We’re living in a golden age for financial crimes and it’s a good time to be a bad actor. Among the many potentials for crime is stimulus fraud – such as what occurred last year with the major stimulus packages passed in response to the pandemic. In 2020 alone, fraudsters siphoned off $36 billion meant for unemployed Americans, and Californian authorities are investigating the possibility that nearly $11 billion was stolen by criminals making fraudulent claims. While unemployment fraud happens elsewhere in the world as well, the sheer scale of the U.S.’s reactive social stimulus structure is a perfect storm for theft.

https://www.finextra.com/blogposting/20328/where-the-covid-19-stimulus-fraud-risks-are--and-how-to-stop-them

Alongside a massive shift to digital payments, 2020 has seen a dramatic rise in online fraud. The Confirmation of Payee (CoP) was just one industry initiative introduced to combat this disturbing trend but its adoption has been slow and the PSR had to intervene with mandated deadlines.

https://thefintechtimes.com/bottomline-stopping-the-rise-of-payments-fraud/