Counter-fraud

MPs bemoan continued "lack of cross-government leadership" and the varying approaches of departments.

The Cabinet Office has been urged to be more proactive in creating a civil service culture that supports officials who raise concerns – including a call to conduct spot checks on departmental data.

https://www.civilserviceworld.com/professions/article/civil-service-whistleblowing-pac-report-speak-up-environment

The clock is ticking for businesses across Scotland and the UK to review their fraud prevention procedures.

Sweeping reforms to the attribution of corporate criminal liability for fraud and other economic crimes are already in force. Previously, companies could only be prosecuted for fraud if the directing mind – such as the CEO or managing director – was directly involved. But the Economic Crime and Corporate Transparency Act 2023 overhauled rules around corporate criminal liability.

House purchases could be severely disrupted by new rules designed to protect against fraud, experts have warned.

In an effort to detect “Authorised Push Payment” (APP) fraud, banks will be able to stop payments that they have flagged as suspicious for up to four days under incoming rule changes.

Joshua Reddaway from the NAO's Fraud & Propriety team explores the challenge of fraud, error and abuse in net-zero and environmental initiatives.

Green initiatives are certainly susceptible to fraud. This is partly because governments are spending more on them. We all know fraudsters are opportunistic and will follow money, wherever it goes. They also tend to like the sort of payments associated with green initiatives – grants you apply for, incentive payments and tax reliefs. And because environmental impacts can be harder to define, environmental benefits can be purposefully overstated and negative impacts understated.

https://www.civilserviceworld.com/in-depth/article/green-fraud-tackling-abuse-environmental-schemes-nao

Over many years UK banks have made significant investment into fraud prevention measures to help control traditional types of fraud.

This includes frauds where criminals execute unauthorised transactions on a victim’s account, as well as automated attempts to extort funds such as malware attacks.

https://www.ftadviser.com/regulation/2024/05/09/scams-how-are-they-changing-and-how-can-social-media-help/

Brits have been warned to “stay alert for fraud” as more people are out to make extra cash as the cost of living rises across the country.

UK Finance said on Wednesday that more than half (56%) of people admitted that they are likely to look for opportunities to make extra money in the coming months, which could leave some people more susceptible to fraud.

Ted Datta, Senior Director at Moody’s Head of Financial Crime Compliance Industry Practice, Europe, Africa, and Americas, discusses the rise of fraud in the UK and what companies and the government can do to turn the tide

As the landscape of financial crime continues to shift, the UK finds itself at the forefront of the battle against fraud. Recent data reveals that fraud now accounts for 38% of all crime in England and Wales, with the nation losing an estimated £2.46bn to this criminal activity in the 2021/22 financial year alone.

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