Counter-fraud

Fraud losses are costing the UK economy tens of billions every year. Where do internal auditors sit within organisations’ efforts to provide contingencies?

https://www.icaew.com/insights/viewpoints-on-the-news/2023/jan-2023/af-the-role-of-the-internal-auditor-in-addressing-fraud-risk

Lawyers working in top British companies are anticipating a hike in fraud, disputes, and debt recovery cases over 2023 as the UK’s economy takes a turn for the worse, a new survey shows.

https://www.cityam.com/cost-of-living-crisis-uk-lawyers-braced-for-talent-war-and-surge-in-fraud-cases/

The UK fraud epidemic shows no signs of slowing down. Consumers have never been more vulnerable to scams and fraud attacks, as criminals look to take advantage and exploit people’s personal information and worries.

https://www.finextra.com/blogposting/23496/six-key-uk-fraud-trends-to-watch-out-for-in-2023

A new campaign to tackle online fraud to coincide with the New Year sales has been launched by North Wales Police.

https://nation.cymru/news/police-launch-new-campaign-to-combat-online-scammers/

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