Counter-fraud

People with a learning disability may be miss subtle warning signs of social engineering tactics criminals use, campaign warns.

A new “easy read” guide to help people with learning disabilities spot the signs of scams has been launched.

Mencap and UK Finance’s Take Five to Stop Fraud campaign has launched the guide to give people accessible advice on crimes such as romance and impersonation scams.

Fraud is one of the most ancient forms of crime in history.

According to the aptly named Fraud.com, there are references to fraud as early as 300 BC when two bad actors named Hegestratos and Zenosthemis were caught for insurance fraud involving their ship and its cargo. While this might have been one of the first instances, it was certainly not the last.

https://www.ftadviser.com/your-industry/2024/01/17/younger-generations-more-likely-to-fall-victim-to-financial-fraud/

Banks and financial services firms are rushing to invest in new technology to combat rising levels of fraud, according to a survey, as artificial intelligence unlocks new ways to create scams.

The survey, by regtech firm Complyadvantage, found that 86 per cent of financial compliance chiefs were investing in new technology, including AI, to help fight fraud, with two-thirds (66 per cent) flagging AI-powered scams as a growing threat.

Plans for a new government information campaign to tackle the explosion in online fraud have sparked divisions among major banks over concerns about its cost and potentially conflicting public messages.

https://uk.news.yahoo.com/government-fraud-campaign-plan-sparks-133600274.html/

The insurance industry, like others, had a challenging 2023. While a hard market and rising premiums helped insurers, the sector also had to battle the spiralling cost of claims driven partly by inflation.

So what trends could shape the insurance industry in the new year?

Fraud is an ever-present danger in the modern world but in the run-up to Christmas, scammers come out in droves to exploit the gift-giving frenzy and emotions that come with the festive period.

The Financial Conduct Authority (FCA) warned earlier this month scammers will be looking to exploit the financial stress of Christmas.

Our security team and external UK Finance expert Paul Maskall answer your questions on the best security processes and how we keep our clients safe from potential fraud.

In 2023 we hosted an expert fraud advice panel for clients entitled ‘Fraud – it couldn’t happen to me could it?’. Here are some of the key questions asked and the answers provided.

https://www.coutts.com/insight-articles/news/2023/fraud-prevention-and-security-your-questions-answered.html

EU rules set to transform VAT fraud detection in e-commerce come into effect from 1 January 2024.

From 1 January 2024, payment service providers (PSPs) offering payment services in the EU will be required to monitor the payees of cross-border payments. PSPs will be required to provide to the tax administrations in member states information of any business that receives more than 25 cross-border payments per quarter.

The voluntary position is responsible for driving collaboration between the Government, law enforcement and the private sector to help block fraud, which accounts for 40 per cent of all crime in the UK.

https://www.policeprofessional.com/news/new-anti-fraud-champion-appointed-to-help-turn-the-tide-on-fraudsters/

In a recent interview with Insurance Business, Jennifer Wells, head of crime at Aviva UK, highlighted some of the key ways in which a crime insurance policy can help businesses protect their balance sheets.

https://www.insurancebusinessmag.com/uk/news/breaking-news/understanding-the-continued-threat-of-internal-fraud-468923.aspx