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The insurance industry’s collective fight against fraud strengthened this week as Autonet Insurance joined the Insurance Fraud Bureau’s (IFB) membership.
How do you consistently hit a moving target? That’s the challenge facing fraud prevention teams as criminals set the sights on credit cards, current accounts, loans and other financial products.
https://www.techradar.com/news/why-machine-learning-is-vital-to-moving-one-step-ahead-of-fraudsters
Fraud worth more than three billion euros was discovered within the EU last year, according to the European Anti-Fraud Office.
What can businesses and users do to effectively defend against the attacks? Technology may provide the solution.
LONDON (Reuters) - An independent review is to look at whether accountants in Britain should check for fraud when auditing company finances so they could potentially spot problems that cause corporate crashes, the business ministry said on Friday.
https://uk.finance.yahoo.com/news/britain-look-whether-auditors-check-fraud-150934173--sector.html?soc_src=social-sh&soc_trk=tw
A system designed to better protect banking customers from authorised push payment scams that cost them nearly £150million in the first six months of 2018 will not be ready until next year, the head of UK Finance has admitted to MPs.
https://www.dailymail.co.uk/money/beatthescammers/article-6704155/Confirmation-Payee-help-prevent-bank-account-fraud-delayed.html
A government-commissioned review will examine how far auditors should go in detecting fraud at companies.
The protocol provides CA member firms with practical information on how criminals operate and the measures firms, and their staff, can take to avoid being victims of fraud and cyber-crime.
https://www.mortgagefinancegazette.com/market-news/fraud/conveyancing-association-updates-cyberfraud-fraud-protocol-2-04-02-2019/
The Insurance Fraud Bureau (IFB) recently teamed up with data analytics firm SAS to launch a new fraud prevention platform, which facilitates information sharing between insurers and authorities to identify and stop fraudulent activity.
https://www.insurancebusinessmag.com/uk/news/breaking-news/how-insurance-can-hit-back-against-fraud-123815.aspx#.XFbEFtpNnYk.twitter
The hard lesson from the collapse of Patisserie Valerie is that sometimes no amount of research is enough.
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