Counter-fraud

Fears are emerging that a rogue state could use fraud to disrupt the UK financial system with calls for the crime to be prioritised as a national security issue.

The world was already embracing the digital age before 2020. Now, the pandemic has supercharged the process in the public sector, prompting the placement of an increasing number of services online. People are increasingly worried about visiting places where the risk of transmission of Covid-19 is high, such as enclosed spaces like public buildings, to access services. They also recognize the convenience of engaging digitally and are a lot more comfortable doing so.

Charles Taylor has launched its Specialist Investigation Services (SIS) division, which will provide an intelligence-led approach to countering fraud.

With 2020 seeing an increase in cybersecurity concerns due to the COVID-19 pandemic, partly due to the influx of people now working from home as well as an increase in the use of digital services, many are left wondering what 2021 will bring.

The potential for fraud has increased with the ongoing Covid-19 pandemic, as finance institutions having to work remotely creates the possibility of fraudulent activity.

LexisNexis Risk Solutions, a global data and analytics provider, has predicted what it expects the key fraud trends will be in 2021. Fraud evolved significantly in 2020, with fraudsters taking advantage of people’s fears and uncertainties around the Covid-19 pandemic. LexisNexis Risk Solutions predicts much of this behaviour will continue to evolve in 2021.

LexisNexis® Risk Solutions, the global data and analytics provider, today predicts what it expects the key fraud trends will be in 2021. Fraud has evolved significantly in 2020, with fraudsters taking advantage of people’s fears and uncertainties around the Covid-19 pandemic. LexisNexis® Risk Solutions predicts much of this behaviour will continue to evolve in 2021.

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Coronavirus has given fraudsters more opportunities than ever to cheat consumers out of their money.

Digital enthusiasts commonly portray a future in which technology has eradicated crime. Indeed, one of the most loved arguments for a cashless society is that without physical money criminals will be unable to operate, surveillance will protect good citizens that have nothing to hide, and people will be less likely to lose, misplace or be conned out of their hard earned pay.

Despite the many challenges that anti-fraud professionals have faced during the coronavirus crisis remote investigations, virtual due diligence and cross-border data collection and protection regimes to name a few fraud hotlines, our most effective anti-fraud measure, seem pandemic-proof.