Frauds

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  • 01 Feb 2025 11:03 AM | Anonymous member (Administrator)

    Valued at trillions of dollars per year, public procurement spending is a magnet for fraud. At a recent ICAEW event, leading experts shared insights on how to combat the problem.

    Public procurement accounts for 13% of GDP across Organisation for Economic Co-operation and Development (OECD) countries, representing a third of their total government expenditure.

    Independent charity the Open Contracting Partnership (OCP), which works in more than 50 countries to ensure fair dealing on public contracts, values total global public procurement spending at a whopping $13tn per year – a sum that inevitably attracts large-scale pilfering.

    On International Anti-Corruption Day last year (9 December), ICAEW members gathered at Chartered Accountants’ Hall to hear how that vast financial flow is exploited by bad actors. Representatives from both the OECD and OCP outlined the risk factors driving public procurement fraud and corruption. They also presented strategies for government bodies to strengthen their defences.

    https://www.icaew.com/insights/viewpoints-on-the-news/2025/jan-2025/protecting-public-funds-tackling-procurement-fraud


  • 01 Feb 2025 11:01 AM | Anonymous member (Administrator)

    An organised crime group that fraudulently obtained over £320,000 through a 'crash for cash' scheme has pleaded guilty to fraud charges, according to the London City police.

    Raju Patel and Kamlesh Vadukul, who led the group, submitted insurance claims and applications to a vehicle repair finance service for road traffic collisions that were either staged or never occurred. The remaining eight members either orchestrated the collisions or provided their details to facilitate the fraudulent claims.

    An investigation by the City of London Police's Insurance Fraud Enforcement Department (IFED) led to guilty pleas from two members of the group at Birmingham Crown Court:

    Kamlesh Vadukul, 36, pleaded guilty to conspiracy to commit fraud by false representation and money laundering.

    Amarjit Dhaliwal, 45, also known as Amo Singh, pleaded guilty to conspiracy to commit fraud by false representation.

    The other members initially denied the charges, but during the first week of their trial, they also submitted guilty pleas:

    https://www.insurancebusinessmag.com/uk/news/auto-motor/organised-crime-group-pleads-guilty-to-crash-for-cash-scheme-522590.aspx


  • 21 Jan 2025 10:51 AM | Anonymous member (Administrator)

    Integrated system aims to boost efficiency and disrupt organised fraud networks.

    The Insurance Fraud Bureau (IFB) has announced plans to introduce a unified counter-fraud solution in partnership with Shift Technology.

    Scheduled for launch in 2026, the new platform will integrate the IFB’s industry-wide counter-fraud databases into a single system aimed at strengthening fraud detection and streamlining investigative processes across the insurance sector.

    The consolidated platform will combine insurers’ transactional, suspected, and confirmed fraud data with fraud investigation case management. IFB explained that this integration is designed to improve fraud detection capabilities and make counter-fraud operations more efficient and effective across the industry.

    https://www.insurancebusinessmag.com/uk/news/technology/ifb-unveils-counterfraud-platform-to-tackle-insurance-fraud-520824.aspx


  • 17 Jan 2025 2:21 PM | Anonymous member (Administrator)

    Last year saw landlords struggle with a huge rise in tenancy fraud, particularly in London, research reveals.

    The findings from Homeppl, a tenant referencing platform, found that its technology helped clients avoid £16.9 million in losses due to fraud.

    It says that for every £1 spent on the firm’s technology, clients saved £22.60.

    The biggest issue facing landlords is that 94% of fraud cases involved forged documents – doctored bank statements being the most common.

    Most tenancy frauds are in London

    The data reveals that 60% of all flagged fraud cases originated in London, with west London experiencing a substantial increase.

    Homeppl says that the west London accounted for 40% of all London-based fraud cases.

    Also, the average fraudster targeted properties with an annual rental value of £37,598, claiming falsified incomes of £85,945.

    https://www.property118.com/landlords-saw-a-big-surge-in-tenancy-fraud-last-year/

  • 14 Jan 2025 11:16 AM | Anonymous member (Administrator)

    Those using the platform Booking.com to book their holidays or accommodation are being warned they could be targeted with emails or messages requesting payments from hotels who have had their account taken over by fraudsters. Between June 2023 and September 2024, Action Fraud received 532 reports from individuals, with a total of £370,000 lost.

    Insight from Action Fraud reports suggests the individuals were defrauded after receiving unexpected messages and emails from a Booking.com account belonging to a hotel they had a reservation with, which had been taken over by a criminal. Using this account, the criminals send in-app messages, emails, and WhatsApp messages to customers, deceiving them into making payment and/or requesting credit card details.

    The specific account takeovers are likely to be the result of a targeted phishing attack against the hotel or accommodation provider, and not Booking.com’s backend system or infrastructure.

    https://www.actionfraud.police.uk/alert/booking-com-alert


  • 18 Dec 2024 11:53 AM | Anonymous member (Administrator)

    A Norwich loss adjuster used the names of his wife and deceased father-in-law to defraud almost £200,000 as part of a series of insurance scams.

    Justin Boydell, 51, falsely set up a series of bank accounts using the names of family members without their knowledge to launder the proceeds of fake claims.

    Norwich Crown Court was told the highly qualified professional used his ability to sign off insurance assessments to approve claims for made-up water leaks at properties he had never visited.

    https://uk.news.yahoo.com/insurance-loss-adjuster-used-dead-175543068.html


  • 07 Dec 2024 11:05 AM | Anonymous member (Administrator)

    BBC soap Eastenders has featured a pension scam storyline with a long-running character, 61-year-old Jean Slater, who is scammed into transferring her pension into a “high return investment” after receiving what she thought was a genuine free phone pension review.

    The Pensions Regulator (TPR), Stop_Scams_UK, and adviser Nick Stapleton worked with EastEnders to highlight scammers’ tactics and the emotional and financial costs on victims.

    https://corporate-adviser.com/tpr-partners-with-bbc-soap-eastenders-to-highlight-pension-scam-tactics/

  • 07 Dec 2024 10:47 AM | Anonymous member (Administrator)

    A sacked HM Revenue and Customs (HMRC) officer who abused her position to help her husband launder £3.3 million of criminal cash has been sentenced.

    Kuldip Badesha, of Chatham, Kent, used HMRC systems to produce letters that included fake National Insurance numbers and signatures.

    The 46-year-old handed those details to her husband Ranbir Singh, who used them to open two of the 85 bank accounts, which he then used to launder money between 2015 and 2018.

    https://www.mynewsdesk.com/uk/hm-revenue-customs-hmrc/pressreleases/ex-hmrc-officer-sentenced-for-helping-husband-launder-ps3-dot-3m-3354894


  • 28 Nov 2024 9:49 AM | Anonymous member (Administrator)

    Online fraud is on the rise and according to the consumer champion, Which?, organisations are not doing enough to stamp it out. With millions of people getting scammed on platforms owned by tech giants, Which? has called on the government to bring forward the implementation of the Online Safety Act.

    According to Which? research, 6.6 million people have lost money in the UK to online scams in the last 12 months. Three-quarters of those scammed online – just under five million – reported falling victim on platforms that committed to the last government’s voluntary Online Fraud Charter, which marks its first on year anniversary this week.

    https://thefintechtimes.com/online-fraud-charter-hasnt-had-desired-impact-6-6mil-uk-adult-fall-victim-to-fraud-finds-which/


  • 28 Nov 2024 9:43 AM | Anonymous member (Administrator)

    A TOTAL of 140 cases of holiday fraud were made to Sussex Police last year.

    It has been revealed that 6,640 reports of holiday fraud were made to Action Fraud last year with holiday makers losing a combined total of £12.3 million.

    Of these, 140 cases were reported to Sussex Police, with people losing a combined total of £193,308.00 to holiday fraud, or on average £1,380.77 per person.

    https://uk.news.yahoo.com/140-cases-holiday-fraud-made-051900818.html/


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