Counter-fraud

HMRC's top civil servant, Jim Harra, said his staff believe between 5% and 10% of furlough cash could have been handed out wrongly - either through deliberate fraud or error.

https://www.msn.com/en-gb/money/news/%C2%A335bn-in-furlough-cash-wrongly-paid-out-through-fraud-or-by-mistake/ar-BB18NMKG?ocid=st

A two-year collaboration between global law firm Kennedys and the University of Manchester has reached a successful conclusion with the implementation of next-generation fraud prevention software contributing to significant new revenues for Kennedys’ UK business.

The audit profession must get “serious” and “stop pretending” that catching fraud is not part of their role, says Brian Fox, president and founder of Confirmation, part of Thomson Reuters.

https://www.accountancyage.com/2020/09/07/auditors-must-stop-pretending-its-not-their-job-to-catch-fraud/

New rules mean banks must make extra security checks to cut fraud and protect card payments, explains Gareth Shaw

The global Covid-19 pandemic has created a multitude of challenges for companies and has forced the vast majority of us to work in ways which, even a few years ago, would not have been possible or practical.

The feature provides an extra layer of defence to protect Modulr’s customers from malicious redirect payment fraud, also known as authorised push payment (APP) fraud.

https://www.finextra.com/pressarticle/83871/modulr-becomes-first-non-bank-to-launch-confirmation-of-payee

Throughout the COVID-19 pandemic, we have seen the rapid rise of phishing scams, ID theft and account takeover techniques, as fraud has increased alongside digital activity while consumers shop from the safety of their homes.

Latest quarterly analysis of global online fraud trends found that fraudsters are decreasing their schemes against businesses, but increasing COVID-19 focused scams against consumers online.

https://www.iovation.com/news/press-releases/as-businesses-reopen-physical-locations-new-transunion-research-shows-fraudsters-decrease-online-schemes-against-companies

Cifas, the UK’s leading fraud prevention service, has entered into an innovative new partnership with Mango Solutions to further enhance its intelligence capabilities for members and the wider fraud prevention community.

 https://www.cifas.org.uk/newsroom/Cifas-mango-partnership

“It never dawned on me that what I was doing was illegal,” said former Enron CFO, Andrew Fastow, after he left prison. “I thought what I was doing was what I was supposed to be doing.