Counter-fraud

The global FDP market size is expected to grow from an estimated value of USD 20.9 billion in 2020 to USD 38.2 billion by 2025, at a CAGR of 12.8% from 2020 to 2025.

2020 has been a challenging for many reasons – the global situation has changed the face many industries – perhaps forever.

Fraud happens every day to even the savviest of businesses. AI is here to turn the tides.

The UK’s accounting regulator has proposed increasing the requirements on auditors to detect fraud in company accounts following a spate of high-profile accounting scandals.

Simon Dennis, Director, Future Government and AI Evangelist , SAS UK, discusses how the UK can face a new and more widespread fraud challenge

Data is now at the heart of every investigation, but as well as offering opportunity to improve the service for victims of crime, it can also hinder it.

GoCompare is warning motorists to be vigilant amid new concerns that economic uncertainty, coupled with tightened lockdown measures aimed at preventing a second wave of the pandemic, will increase fraud.

A new hotline has been launched to stop fraudsters illegally targeting COVID stimulus schemes.

During times of economic stress corporate wrongdoing often comes to light, and the impact of the coronavirus (COVID-19) pandemic is a case in point. Companies may become embroiled in accounting misstatements, corruption, fraud or other misconduct, with third-party relationships one of the biggest fraud-related risk areas. It is therefore critical to establish and maintain effective risk management processes and controls, so fraud can be identified, investigated and eradicated.

In the current period of economic uncertainty, increasing pressure on businesses is making fraudulent activity an ever-present risk for lenders – a trend not only troubling for the affected company or companies, but also for the wider economy. In particular, corporate fraud has the potential to dissuade banks from lending - a dangerous outcome during a global crisis which has significantly constrained liquidity and limited funding for businesses.