Counter-fraud

With the retail sector in the full swing of the holiday season, Worldpay uncovers four strategies for protecting businesses from fraud whilst still ensuring a successful festive period for growth

The excitement of increased sales opportunities is coupled with the heightened risk of fraud for many a business across this year’s golden quarter.

On Thursday 23 November our Head of Wealth Business Controls & Financial Crime, David Martin, sat down with three fraud experts to discuss just how easy it is for anyone to become a potential victim of fraud. If you haven’t been a victim yourself, you might be forgiven for thinking it couldn’t happen to you. Sadly, we know that people of all ages and every profession can become a victim of fraud.

https://www.coutts.com/insight-articles/news/2023/fraud-event-it-couldnt-happen-to-me-could-it.html

The UK government and some of the world's biggest tech companies have agreed a series of pledges to protect the public from online fraud.

https://www.gov.uk/government/news/world-first-agreement-to-tackle-online-fraud

Despite the general assumption that older banking customers are more at risk of falling victim to fraud, GFT‘s latest ‘Banking Disruption Index’ has revealed that almost half (48 per cent) of 25 to 34-year-olds have, or know someone who has, been a victim of financial fraud, with fraudsters taking £570 from people on average.

https://thefintechtimes.com/gft-younger-adults-most-vulnerable-to-fraud-while-fraudsters-target-over-55s-for-over-900-each/

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.