Counter-fraud

The Chancellor is expected to unveil plans for a dedicated unit to crack down on furlough fraud during next week’s Budget statement.

2020 was a year like no other, as disruption from the novel coronavirus pandemic created interlinked health and economic crises. In retrospect, the unknown magnitude of COVID-19 and its ripple effects did little to derail the accuracy my 2020 fraud predictions. Three of the five came to fruition, and we saw partial progress toward the remaining two. Considering unforeseen events, I’ll take the 80 percent hit rate.

Generation Z are 84% more likely to be targeted by fraudsters than 25–35-year-olds

Fraud prevention service CIFAS says scammers are offering fake Covid vaccines, publishing fraudulent jobs adverts, and targeting taxpayers in phishing scams.

Retailers must be aware of strict new anti-fraud measures to ensure online transactions run smoothly, says Judy Nguyen, vice-president of network product development and management at American Express.

Sportradar has made a landmark commitment to make its bet monitoring system available free of charge to any sports federation or league worldwide.

Financial fraud, ever-present in business in the ordinary course of events, has accelerated on account of the coronavirus (COVID-19) pandemic and placed financial institutions (FIs), among many others, under tremendous pressure to combat all manner of fraudulent activity.

Businesses want to deliver hyper-personalized experiences for their customers. This is unsurprising given a recent McKinsey survey demonstrated that this approach can drive between 5 to 15 percent increases in revenue and 10 to 30 percent increases in marketing spend efficiency.

Fraud in the UK has become everybody’s problem but nobody’s priority.

Some 55 per cent of UK manufacturing businesses say that the Government’s Covid-19 support measures are inadequate with further funding for the sector urgently needed, according to Crowe’s Manufacturing Outlook Report 2021, produced in collaboration with the Confederation of British Metalforming and sponsored by Hornby.