Counter-fraud

Financial services providers are “critical” to ensuring financial planners and their clients are aware of the warning signs of a scam, according to Louise Cockburn, Quilter’s information security manager.

https://www.ftadviser.com/your-industry/2022/11/11/providers-critical-to-financial-planners-spotting-scam-warning-signs/

The director of international illicit finance at UK Finance and fraud bosses at banks NatWest and HSBC took aim at the online register of companies.

https://www.shropshirestar.com/news/uk-news/2022/11/08/dysfunctional-companies-house-facilitating-fraud-finance-chiefs-say/

The cost of living crisis has created a financial crime wave. So what is being done about it?

Struggling to make ends meet during a period of high inflation, people are being preyed on by fraudsters seeking to take advantage of their predicament. Andrew Pimlott outlines the threats and how payment service providers, regulators, and the government are responding.

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.

https://uk.finance.yahoo.com/news/uk-watch-for-fraud-extra-cash-cost-of-living-crisis-230154352.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr

Organisations lose an estimated 5% of their revenue to fraud every year, according to the Association of Certified Fraud Examiners (ACFE).

https://www.icaew.com/insights/sponsored-content/fraud-on-the-rise-what-you-can-do/access-the-article/fraud-on-the-rise-what-you-can-do

Protecting the public from the meteoric rise of fraud needs to be an absolute priority for the new government. Our law enforcement agencies are grappling with scarce resources, and Sunak must take note of this salient point. The lack of investment and resourcing in fraud enforcement, perhaps above anything, has been one of our government’s greatest failures and continues to be a black-mark on our country’s reputation as a ‘leading figure’ in the fight against international corruption and economic crime.

https://www.cityam.com/letters-wake-up-and-smell-the-fraud/

The International Chamber of Commerce United Kingdom (ICC UK) is pushing banks and authorities to accelerate adoption of digital tools for fighting trade finance fraud, estimating that illicit activity such as double financing could cost the industry up to US$5bn per year.

https://www.gtreview.com/news/global/icc-urges-action-on-digitisation-in-wake-up-call-over-fraud/#.Y1GMUbuMGz0.twitter

The risk of a UK recession is nearing, and economic fraud could be on the rise too. To combat this, new government bills could change laws for the better

https://www.openaccessgovernment.org/uk-is-on-the-brink-of-recession-will-fraud-be-on-the-rise/145937/

UK Finance has released its latest fraud report covering the first half of 2022. This report shows that while the end of the pandemic has seen a fall in overall fraud losses, some fraud types have increased as criminals continue to adapt their methods. The organisation noted that the drop was partially due to H1 21 being an exceptionally high period for fraud, rather than the start of a downward trend.

https://www.smeweb.com/2022/10/17/fraud-should-be-considered-a-national-security-threat/

Whistleblowing reports to HM Revenue & Customs went up by 70% in the past two years, according to a Freedom of Information request made by law firm Pinsent Masons.

https://www.personneltoday.com/hr/tax-fraud-whistleblowing/