Counter-fraud

Hundreds of “erroneous” filings made at Companies House have raised fears over a sophisticated fraud targeted at banks and other financial institutions as the government faces criticism for the register’s lack of funding and checks on false information.

The issue stems from around 800 forms on the settlement of debts submitted on 190 companies at the government-owned corporate register, all apparently made from the same account.

New Companies House regime aims to improve data quality and counter misuse – a timely introduction as banks are on high alert due to a spike in potential fraudulent company filings.

Companies House has gained new powers this week to improve the quality of its data and beef up its ability to prevent fraud within the companies’ register. The move comes after the UK’s banks were alerted to possible rogue filings at the register.

Organised criminal groups are switching from riskier drug rackets to fraud in the EU and many don't hesitate to use violence to protect their activities, the bloc's chief prosecutor told AFP in an interview.

Laura Kovesi said that value-added tax (VAT) fraud accounted for 59 percent of the estimated 19 billion euros ($21 billion) in damage to the EU budget arising from cases opened for investigation last year by her European Public Prosecutor's Office (EPPO).

Due to high demand, Surrey and Sussex Police are expanding their monthly webinars about Cyber Security and Online Fraud. For further information and to register for upcoming webinars please see the following link: Online Safety and Cyber Security Webinars | Eventbrite

The webinars are delivered by the Protect Officer for Surrey and Sussex Police Cyber Crime Unit to empower people with knowledge to navigate the digital world safely.

Just under half (42 per cent) of regulated firms have reported a rise in financial crime attempts, according to anti-money laundering provider SmartSearch.

The survey, which asked over 500 UK businesses across the legal, property, finance and accountancy sectors, found nearly half (48 per cent) of legal professionals, solicitors and conveyancers reported a rise in financial crime attempts in 2023, compared to 34 per cent the year prior.

https://www.ftadviser.com/your-industry/2024/02/27/half-of-firms-battle-surge-in-financial-crime-attempts/

Business leaders are worried that worsening economic conditions are driving up financial crime and putting vulnerable customers at risk, according to a new survey from the Institute of Business Ethics (IBE).

The Ethical Risks 2024 survey shows that economic conditions – such as the cost of living crisis, high energy prices, and high rate of inflation – are the highest-ranked ethical risk factor for businesses, according to the survey of 1,051 UK business leaders.

In today's digital world, awareness is the best defence against scams, fraud, and phishing. In 2022 alone, over GBP 1.2B was reported stolen by fraudsters.

At Revolut, our team of experts take a data-driven approach to fraud management, deploying a sophisticated detection platform to protect our customers from falling victim to these criminals.

It’s also how we saved customers £200M in potentially-fraudulent transactions in 2022. In this blog, our fraud prevention team is here to guide you through the common tactics used by scammers –– and most importantly, how you can protect yourself and your money.

Under-achievement never looks good. It indicates a failure to meet expectations and a need to play catch up.

So the government will not have enjoyed the publication of the latest figures relating to the prosecution of fraud.

https://www.ftadviser.com/opinion/2024/02/22/can-law-and-order-ever-catch-up-to-fraudsters/

Home Office campaign from FCB London tackles the growing issue of fraud awareness.

A major new government campaign to transform the fight against Fraud has launched across multiple channels.

https://lbbonline.com/news/uk-government-campaign-wants-you-to-stop-think-fraud

Current economic conditions such as the cost-of-living crisis are increasing the fear of fraud among businesses, a survey has revealed.

The Institute of Business Ethics surveyed 1,051 UK business leaders and found high inflation and energy prices are the highest-ranked ethical risk factors for businesses.

https://www.ftadviser.com/your-industry/2024/02/19/firms-fear-rise-in-fraud-due-to-current-economic-crisis/