Frauds

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.

A campaign to tackle online romance fraud has helped to recover £115,000 for victims after a partnership between the National Crime Agency (NCA), City Police and authorities in Ghana.

Anne sits in the doorway of her elderly mother’s house, and weeps. “He took me for every penny I had,” she says.

https://www.itv.com/news/2020-11-13/romance-fraud-leaving-victims-devastated-as-covid-lockdown-creates-perfect-opportunity

A Hampshire woman, whose identity was used by fraudsters to apply for a £1,300 universal credit advance, has been told by investigators that they are dealing with thousands of similar cases, and that “it could have happened to anyone”.

Police have issued another warning about courier fraud in Shropshire as the number of victims is increasing.