Counter-fraud

According to UK Finance, fraudsters stole £580 million in the first half of this year. And that figure could reach a billion pounds by the end of the year.

https://www.itv.com/watch/news/the-billion-pound-fraud-problem-what-is-driving-the-issue-in-the-uk/vs5c79n

Artificial Intelligence is accelerating an "arms race" in cybercrime, with hackers using the technology to attack all sizes of business, one of the police officers leading the battle against online fraud and theft has told Insider.

Detective Superintendent Vanessa Eyles, who runs the Cyber Resilience Centre for the West Midlands, has warned that hackers are increasingly targeting smaller businesses, not only for their own money and data, but as a way of getting into their targets' supply chains.

Tony Craddock, director general of the Payments Association, warned that “overzealous” regulations could bump up costs for payment firms and cause a “flight of e-money firms” from the UK.

Speaking to City A.M. Craddock warned that a series of “well intended but misguided sets of regulations” risked eroding the City’s status as a leading hub of innovative payments.

Not every fraud is the result of opportunism. There are many reasons – both overtly criminal and misguided but well-meaning – why people turn towards economic crime.

https://www.icaew.com/insights/viewpoints-on-the-news/2023/oct-2023/understanding-the-mindset-of-fraud

Whistleblowing complaints are growing in frequency all over the world and in all kinds of organisations.

Governments around the world increasingly view whistleblowing as an excellent source of information in the drive to improve regulatory compliance and accountability. As a result, many jurisdictions now have, or are planning, legislation guaranteeing whistleblower protection in an effort to encourage more employees to come forward with evidence of wrongdoing.

Fraud is the most common crime in the UK. Every MP will have constituents who have lost money to fraudsters, with more than £1.2bn stolen by fraudsters last year alone.

https://www.politicshome.com/members/article/its-time-for-social-media-and-technology-companies-to-put-a-stop-to-fraud

The Nottingham-based firm provides data and analytical tools to its clients around the world, helping businesses manage credit risk, prevent fraud, target marketing offers and automate decision-making.

Its expertise and access to data will massively strengthen the Nottinghamshire Fraud Partnership’s ability to dynamically identify trends in fraud across the county, including the age and demographics of victims and perpetrators – so that fraud prevention measures can be targeted in the most effective way.

https://uk.sports.yahoo.com/news/experian-joins-nottinghamshire-fraud-fighting-081609071.html

People are more worried about the effects of online fraud than other crimes, such as knife crime, burglary and sexual offences, according to a new survey.

The poll – for criminal justice experts at Crest Advisory – found that young people were the group most likely to be affected by online fraud, even though half of those questioned believed the elderly were most at risk.

https://www.policeprofessional.com/news/people-more-worried-about-being-victims-of-online-fraud-than-other-crimes-survey-finds/

University of Edinburgh spin-out Smart Data Foundry (SDF) is to partner with key financial bodies to use groundbreaking synthetic dataset against fraud.

https://www.holyrood.com/news/view,new-antifraud-tool-as-scottish-data-experts-launch-groundbreaking-synthetic-dataset

Mike Miller, ICAEW’s Economic Crime Manager, outlines the key aspects of the new failure to prevent fraud offence, which will come into effect when the Economic Crime and Corporate Transparency Bill receives Royal Assent.

https://www.icaew.com/insights/viewpoints-on-the-news/2023/sep-2023/failure-to-prevent-fraud-whats-coming