Counter-fraud

Brits have been warned to “stay alert for fraud” as more people are out to make extra cash as the cost of living rises across the country.

UK Finance said on Wednesday that more than half (56%) of people admitted that they are likely to look for opportunities to make extra money in the coming months, which could leave some people more susceptible to fraud.

Ted Datta, Senior Director at Moody’s Head of Financial Crime Compliance Industry Practice, Europe, Africa, and Americas, discusses the rise of fraud in the UK and what companies and the government can do to turn the tide

As the landscape of financial crime continues to shift, the UK finds itself at the forefront of the battle against fraud. Recent data reveals that fraud now accounts for 38% of all crime in England and Wales, with the nation losing an estimated £2.46bn to this criminal activity in the 2021/22 financial year alone.

The new £150 million service to replace Action Fraud will “streamline victim reporting” and “empower swift police intervention” to stop, block and catch more fraudsters, the City of London Police Authority has said.

The new service is designed to make it easier and quicker for everyone to report fraud and cybercrime and significantly improve the speed and quality of information provided to law enforcement partners, boosting their chances of successful prosecutions.

https://policeprofessional.com/news/new-150m-service-will-stop-block-and-catch-more-fraudsters-says-city-of-london-police-authority-chair/

A lot has been written about the UK’s new failure to prevent fraud (‘FTPF’) offence, its potential implications, and what organisations can do to prepare.

With this in mind, while we brace ourselves for the short-term arrival of the guidance and the subsequent enforcement of the offence itself, the following post takes a moment to reflect on the broader implications of FTPF, by exploring its connection to existing requirements in the areas of bribery, ESG and modern slavery.

Investing in counter-fraud technologies can help address financial mismanagement and optimise spending.

With annual losses in the billions, governments cannot afford to let the current situation continue, particularly as they must now work together to become more efficient in delivering public services.

https://www.civilserviceworld.com//news/article/building-a-case-for-a-change-tackling-fraud-with-ai

A campaign group is calling for a public enquiry into financial misconduct after labelling it 'a silent epidemic in the UK'.

Organised by the Transparency Task Force, the ‘Enough is Enough March for Justice’ march today (April 17), which started at the Royal Courts of Justice, aims to unite all victims of financial misconduct.

https://www.ftadviser.com/your-industry/2024/04/17/financial-misconduct-is-a-silent-epidemic/

“Criminals are finding new and sophisticated ways to target consumers, such as through social media and AI and deepfake technology,” Mike Haley, CEO of Cifas said.

Increasingly advanced technology has allowed fraudsters to increase the sophistication and efficacy of their malicious social engineering ploys, new research has found.

Cifas, a UK fraud prevention service, released its 2024 Fraudscape report, detailing the fraud trends seen in 2023 from more than 374,000 cases reported to its database.

Fraudsters have been sharpening their social engineering tactics and continued to exploit cost-of-living pressures, according to Cifas.

Criminals are finding new ways to target consumers using social media and deepfake technology, with cost-of-living pressures also having an impact, according to a fraud prevention body.

https://www.shropshirestar.com/news/uk-news/2024/04/16/criminals-ramp-up-social-engineering-and-ai-tactics-to-steal-consumer-details/

The amount of fraud cases has been rising and with digital banking becoming the new norm there are many ways someone can get access to your account. It is important to stay aware of scams so you can protect your accounts.

The Guardian reported that fraud cases in the UK more than doubled in 2023 to £2.3bn.

https://www.finance-monthly.com/2024/04/how-to-prevent-and-spot-bank-fraud/

The two-fold implications of emerging technology means that businesses have improved their detection capabilities, while fraudsters have improved their methods.

Businesses have gotten better at detecting fraud, but fraud is becoming accessible to more people, a new report has revealed, with emerging technologies ramping up the arms race between threat actors and defences.