Frauds

The dark art of identity fraud is on the rise – and almost all cases are now carried out online. Here’s how to protect yourself.

https://www.forbes.com/uk/advisor/personal-finance/2020/11/27/id-fraud-is-a-scourge-of-the-age-heres-how-to-protect-yourself/

Cybercriminals are increasingly using fraud email or business email compromise (BEC) attacks to gain access to companies’ systems.

The Conveyancing Association (CA) has launched a revised fifth version of its Cyberfraud and Fraud Protocol which provides conveyancing firms with practical information on how criminals operate.

https://www.mortgagefinancegazette.com/legal-news/conveyancing/conveyancing-association-launches-fifth-version-cyberfraud-fraud-protocol-27-11-2020/

The impact of identity fraud could be reaching a ‘tipping point’, according to a new report from GBGplc

https://www.pcr-online.biz/2020/11/26/identity-fraud-reaches-tipping-point-as-brits-flock-to-digital-services/

Fraud and financial crimes perpetrated against insurers are on the rise. Although the banking industry remains the primary route for money laundering, stricter regulations and improved AML controls within that sector have driven criminals to other channels that may be more vulnerable to money laundering activities. Insurance providers, often less attuned to fraud practices and with fewer resources dedicated to prevention, are increasingly under attack.

https://www.finextra.com/blogposting/19567/with-fraud-on-the-rise-in-the-insurance-industry-kyc-comes-to-the-rescue

Occupational pension schemes defrauded by pension liberation scams are, in principle, eligible for compensation from the UK's 'Fraud Compensation Fund' (FCF). However, while a ruling by the High Court in London provided clarity on the steps those schemes must take to meet the eligibility criteria, some uncertainty still remains over the extent to which schemes used for pension liberation activity will be able to access compensation.

A CARLISLE sub-contractor who submitted false invoices for work he hadn’t done, pocketing more than £17,000 in the process, has been spared immediate prison.

Police say there is a "worrying emerging trend of so-called courier fraud” in our region.

https://www.itv.com/news/tyne-tees/2020-11-16/worrying-emerging-trend-of-so-called-courier-fraud-in-our-region-say-police

Crawford Temple, CEO and founder of Professional Passport, the largest independent assessor of payment intermediary compliance, has welcomed HMRC’s alert to recruiters and hirers to be aware of the potential dangers posed by Mini Umbrella Company (MUC) fraud in their supply chain.

https://www.theglobalrecruiter.com/avoid-the-muc/

The UK government has confirmed the regulations it will be bringing forward to address transfers to suspected pension scams will go further than previously suggested.