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4 February 2021: More than half of UK firms have been affected by economic crime over the past two years as criminals rapidly adapt to the new business landscape, according to research presented at the Virtual Fraud Conference.
Wales has seen a significant drop in the value and number of fraud cases taken to the Courts, with only ten cases totalling £4.1 million being taken to court in 2020 compared to 17 cases totalling £17 million in 2019. The average value (between £250k-£1m) of each case was also lower in 2020 than compared to 2019.
Last year saw the highest number of scams on record, according to new research from Barclays.
Fraud has become a nation-wide epidemic, a new think tank report claims.
Clone fraud victims lost £78m to scammers pretending to be legitimate financial services businesses in 2020 with reports to authorities rocketing during the first national lockdown, Action Fraud data revealed.
Towards the end of 2020, data from the Association of British Insurers (ABI) revealed that every five minutes a fraudulent insurance claim is uncovered, with 107,000 such claims (worth around £1.2 billion) uncovered by insurers in 2019.
https://www.insurancebusinessmag.com/uk/news/breaking-news/aviva-reveals-the-key-to-fighting-insurance-fraud-244466.aspx#.YBCo4Ce0MNY.twitter
Fraudsters use uncertainty to ramp up their efforts, capitalising on change to trick businesses out of money
The National Fraud Intelligence Bureau says it has achieved improved transparency with the public, as well as saving 3,500 staff hours and £100,000
The number of alleged fraud crimes heard in courts across the North West decreased by 36% in 2020, according to KPMG’s annual Fraud Barometer.
There was a dramatic drop in the volume and value of fraud cases coming to courts in the Midlands in 2020, as measures introduced in response to the COVID-19 pandemic led to the closure and postponement of many court operations.
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