Counter-fraud

The European umbrella body for accountancy institutes has stressed the need for a more holistic approach to tackling fraud, following concerns that a disproportionate focus on the role of auditors will do little to reduce the ever-growing risks.

Accountancy Europe: toughen financial reporting against fraud | ICAEW

As cases of fraud and money laundering rose during the pandemic last year, banks in the UK faced unforeseen challenges. In a new study by global analytics software provider FICO and independent research firm OMDIA, 79 percent of respondents from UK banks said that working from home had a high or major impact on the effectiveness of their financial crime prevention.

FICO Survey: UK Banks Struggled with COVID-19 Fraud and Money Laundering Surge (mortgagefinancegazette.com)

PayPal is rolling out a revised suite of its e-commerce fraud management features in a bid to tackle the growing issue of online payments fraud caused in part by the coronavirus pandemic.

PayPal unveils its new Fraud Protection Advanced toolkit for merchants | TechRadar

FW discusses the impact of COVID-19 on anti-money laundering and fraud risk management with Keith D. Andrzejewski, Carl E. Case III, Brian L. Ferrell, Kristin Milchanowski Gilkes and Thomas P. O’Donnell at Ernst & Young LLP.

COVID-19: rethinking anti-money laundering (AML) and fraud risk management — Financier Worldwide

ICAEW’s Audit and Assurance Faculty has produced a second “Know-How” guide for auditors who are reporting on irregularities for the first time.

Audit guide: how to report on irregularities, including fraud | ICAEW

Fraudsters are becoming increasingly sophisticated in finding ways to steal your hard-earned cash.

Protect yourself against frauds and scams - Kennet Radio

Sift, a fraud prevention company has released its Q1 2020 Digital Trust and Safety Index report, which revealed that the average value of fraudulent purchase attempts increased 69% in 2020. Sift also saw several business categories hit by both major increases in attempted fraud rates and increases in the value of those fraudulent purchases, with lodging, omnichannel retailer, digital wallet, and professional marketplace companies becoming targets for online theft amid the Covid-19 pandemic.

The Pandemic Causes Nearly Two Thirds of All Fraud Attacks To Be on Mobiles According To Sift Report | The Fintech Times

I’m reticent about using my own personal experience to extrapolate out into the wider world, but on this occasion – especially having read the Work & Pensions Treasury Select Committee’s concerns on pension scams in the weekend papers – I think it is worth highlighting, particularly to advisers who are more likely to work with older/retired/vulnerable customers, as we do in the later life space.

https://www.mortgageintroducer.com/attempted-fraudulent-activity-on-the-rise/

For periods commencing on or after 15 December 2019, all auditors (where ISAs (UK) apply) are required to explain in the auditor’s report the extent to which the audit was considered capable of detecting irregularities, including fraud. This guide from ICAEW’s Audit and Assurance Faculty provides practical considerations for auditors who are required to report on irregularities, including fraud, for the first time.

How to report on irregularities in the auditor’s report | ICAEW

Chartered accountants are trusted professionals and should have zero tolerance of fraud, money laundering or any type of economic crime, writes Michael Izza, ICAEW CEO.

Economic crime: have the courage to call it out | ICAEW