Counter-fraud

In 2022, the UK was forced to reckon with the charge of being soft on economic crime and being the destination of choice for kleptocrats seeking to launder their ill-gotten funds. No longer able to turn a blind eye to these criticisms in the wake of Russia’s invasion of Ukraine, the government turned its focus to long-awaited legislative reforms. However, questions remain over whether criminal and regulatory agencies will be given the funding they need to make use of their new powers. A relatively sluggish year for enforcement suggests more investment is needed.

https://www.wilmerhale.com/en/insights/blogs/WilmerHale-W-I-R-E-UK/20221222-sanctions-fraud-is-coming-to-town-2022-in-review

Almost £80 million will be lost to online fraudsters over the 12 days of Christmas, analysis reveals.

https://www.msn.com/en-gb/money/other/families-face-more-money-misery-as-fraudsters-could-steal-%C2%A376m-during-festive-period/ar-AA15EAwd

In times of economic uncertainty, fraud typically increases. And these are certainly economically uncertain times. Fraud has been on the rise over recent years and that trend is set to continue. The motivation and opportunity to commit fraud increases as financial pressures loom over individuals and businesses. We are also set to see a continued increase in insolvencies as the impact of the pandemic and other global events set in. The appointment of insolvency practitioners means frauds which might have otherwise continued or remained concealed are more likely to be uncovered. With all of this in mind, a crystal ball is not required to predict that we are likely to see a significant uptick in fraud-based claims emerging over the next 12-24 months. In the final article of our 'Fraud fundamentals' series, we consider some of the key trends and predictions for civil fraud.

https://www.taylorwessing.com/en/insights-and-events/insights/2022/12/fraud-fundamentals-civil-fraud-trends-and-predictions

Citizens Advice have teamed up with a national campaign to help you identify a fraud or scam. Take Five to Stop Fraud offers straight forward advice to help people protect themselves against email, phone based and online fraud.

https://www.thecomet.net/news/23188053.citizen-advice-north-herts-take-five-stop-fraud/?ref=twtrec

As gatekeepers to the financial system, finance professionals play their part in helping to prevent and detect data breaches, a key enabler of fraud. SMEs are also urged to practise vigilance against any suspicious activity and be aware of the signs. John Edwards, left, Chief Executive and Group Executive International of the Institute of Financial Accountants (IFA), takes a closer look at current trends in fraud and what steps organisations can take to protect themselves against it

https://www.smeweb.com/2022/12/20/safeguarding-against-fraud-what-smes-can-do/

While terrible for most of us, especially society’s least well-off, the current cost of living crisis is, unfortunately, good news for fraudsters. The soaring price of energy, goods and services has led many families to rely on government schemes and benefits: government is providing £37bn of support this year. This represents a jackpot for criminals.

https://www.civilserviceworld.com/event/can-fraud-detection-and-fairness-go-handinhand#.Y5pmK3QULdU.twitter

Rosemary Gallagher speaks to LexisNexis Risk Solutions about protecting businesses and people from scammers set on financial exploitation

https://www.scotsman.com/business/tackling-the-growing-threat-of-financial-crime-through-technology-3933519

Fraud is both everywhere and nowhere. Everywhere in that fraud has become part of daily life – Black Friday has historically seen cyber attacks soar by 275 per cent. And it is also nowhere in that, given the scale of the problem, astonishingly little is actually being done about it. Fraud has almost become par for the course: it is largely perceived to be an irritating and – providing you don’t fall for it – inconsequential crime.

https://www.cityam.com/fraud-inevitable-crimes-scam-technology-accept/

Through December, West Mercia Police and the West Mercia Police and Crime Commissioner, will be sharing a national campaign to highlight the types of fraud that are most likely to put the public at risk in the run up to Christmas.

https://www.westmercia.police.uk/news/west-mercia/news/2022/december/12-days-of-fraud/

Fraud against the consumer is usually what makes the headlines. But the loss per fraud for businesses is typically significantly higher because fraudsters know businesses are more lucrative targets. Despite increased security measures, they will continue to try to exploit weaknesses in how a business operates.

https://ebury.com/e-blog/blog/ebury_post/its-your-business-protect-it-from-fraud/