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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.
Fraud volumes and values are rising annually. But new rules and governance regulations hope to help prevent business fraud before it happens and detect it when it does.
A series of high-profile corporate collapses, the growing importance of data and non-financial risks and the exponential rise of fraud has focused minds on the widespread harm that fraudulent activity inflicts not just on the wider economy, but on companies and individuals too.
Cybersecurity expert from Shepherds Friendly reveals how to prevent an online finance scam and what to do if you’ve fallen victim to fraud.
An estimated £7.5 billion was stolen in 2023 through scams or identity theft, with 1 in 10 Brits falling victim to scams. The digital world we live in is a hotbed for online finance fraud, and as scammers increasingly use more sophisticated methods and technologies, how do we avoid falling victim to these crimes?
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