Counter-fraud

On October 26 2023, the Economic Crime and Corporate Transparency Act 2023 received Royal Assent.

The act encompasses a wide range of reforms, including changes to Companies House and increased powers for the Serious Fraud Office and National Crime Agency to combat economic crime.

https://www.ftadviser.com/your-industry/2023/11/27/what-reasonable-fraud-prevention-procedures-can-companies-put-in-place/

The Financial Conduct Authority has stated its disappointment with the way firms supported victims of fraud. The review found that in the first half of 2023, 116,000 people reported falling victim to Authorised Push Payment (APP) fraud. This occurs when someone is tricked into sending money to a fraudster posing as a genuine payee.

The review calls for better support from banks and payment providers, but Vivek Dodd, CEO of online compliance training provider, has shared how businesses themselves can help prevent customers from falling victim to scams.

Advisers can play a role in helping clients avoid becoming a victim of financial crime by educating them on the signs.

Martin Rehak, founder and CEO of financial crime fighting startup, Resistant AI, said alongside banks strengthening their systems, advisers can warn their clients to spot the signs.

https://www.ftadviser.com/investments/2023/11/20/advisers-can-educate-clients-on-financial-fraud-says-start-up-boss/

In International Fraud Awareness Week, ICAEW Economic Crime Manager Mike Miller outlines the current fraud landscape in the UK and the importance of remembering to have a robust framework in place to prevent fraud.

https://www.icaew.com/insights/viewpoints-on-the-news/2023/nov-2023/reinforcing-the-prevention-and-detection-of-fraud

Whistleblower reports to HM Revenue and Customs (HMRC) have hit their highest level in five years as lawyers suggest the rise can be linked to a broadening sense of “public outrage”.

According to a freedom of information request to HMRC by City firm RPC, fraud reports have surged by 47 per cent in the past year, jumping from 106,920 in 2021/22 to 157,270 in 2022/23. Overall, this year’s figure is the highest number reported in the FOI, which dates back to 2018.

Next week marks International Fraud Awareness Week – so let’s talk about how we are tackling it, writes Chris Hayward.

Fraud and cyber-crime can affect anyone – any family, any business, and any organisation.

The fifth Tackling Economic Crime Awards (TECAs) event, sponsored by Altia, took place at Novotel London West on 1 November 2023.

More than three hundred financial crime professionals gathered to celebrate the very best from across the sector with dinner and a presentation event hosted by former Commissioner of the City of London Police, Ian Dyson QPM DL.

Fraud now accounts for more than 40% of all crime in the United Kingdom. Here we explore what’s behind this proliferation of fraud in England and Wales and what anti-fraud experts say the government must do to crush it.

https://www.fraud-magazine.com/cover-article.aspx?id=4295022048

UK Finance today releases its half-year fraud report, detailing the amount its members reported as stolen through fraud and scams in the first half of 2023.

https://www.ukfinance.org.uk/news-and-insight/press-release/criminals-steal-over-half-billion-pounds-and-nearly-80-cent-app

Fraudsters stole £580million through unauthorised and authorised fraud in the first half of 2023, a two per cent decrease compared to the first half of 2022. As fraudsters continue to prosper, what preventative actions can financial institutions really take?

https://thefintechtimes.com/industry-calls-for-collaboration-to-tackle-uk-fraud/