UK authorities tasked with preventing fraud "seem not to care" about the people caught up by the fraud, MPs have been told.

At a summit held by the all-party parliamentary group on investment fraud and fairer financial services yesterday (October 31) in Portcullis House, Margaret Snowdon OBE was scathing about the lack of joined-up thinking between various UK authorities and a lack of co-ordination in pursuing the criminals.

https://www.ftadviser.com/your-industry/2024/11/01/authorities-are-treating-victims-of-fraud-like-criminals-mps-told/

A new car insurance update will crack down on measures that 'increase the cost of premiums for honest drivers'. A crackdown from the Labour Party government will protect motorists, road users and drivers, it is hoped, amid a spate of fraudulent car insurance claims.

The Insurance Fraud Bureau (IFB) is currently investigating an eye watering and staggering 6,000 suspected fraudulent motor insurance claims, which include cash for crash scams. A new insurance fraud charter was announced at the latest Joint Fraud Taskforce with Lord David Hanson, Minister of State at the Home Office with Responsibility for Fraud, saying this week: "Fraud is an appalling crime, and we are determined to crack down on these callous criminals.

https://www.msn.com/en-gb/news/newsbirmingham/new-uk-car-insurance-crackdown-means-honest-drivers-will-be-protected/ar-AA1sTPti?ocid=BingNewsSerp

£110m will fund fraud-and-error hiring drives in both departments, while HMRC also gets £262m for debt-management staff.

The Department for Work and Pensions and HM Revenue of Customs have been allocated nearly £400m in the Budget for more staff to target fraud and error in the benefits system and help close the tax gap.

https://www.civilserviceworld.com//professions/article/dwp-hmrc-budget-counter-fraud-tax-debt-management-staff-funding

A man has been sentenced at Manchester Crown Court to 6 years and 9 months in custody for defrauding elderly customers out of an estimated £958,949. He posed as a bank employee working to investigate fraud, tricking customers into handing over control of their bank.

The sentencing follows an investigation and arrest by specialist banking industry sponsored police unit, the Dedicated Card and Payment Crime Unit (DCPCU).

The Chancellor has promised a “crackdown” on fraud in the welfare system but the Government’s plan to carry on with benefit reforms previously announced by the Conservatives to save £3 billon has been branded “bitterly disappointing”.

Rachel Reeves said she wants to ensure welfare spending is “more sustainable”.

Labour has previously said fraud and error in the social security system costs the Government almost £10 billion a year.

The Home Office has announced new insurance fraud charter to step up efforts to crack down on fraudsters seeking to manipulate the UK insurance market with bogus claims and duping innocent people into buying fake insurance policies.

In 2023 alone, 84,400 fraudulent claims worth £1.1 billion were detected by the Association of British Insurers (ABI), a 16 per cent increase in the number of detected claims compared to the previous year.

https://policeprofessional.com/news/major-new-crackdown-on-insurance-fraud/

The Office of National Statistics (ONS) has reported there were approximately 3.6 million consumer and retail fraud incidents in 2024, a 19% rise for the same period in 2023.

Of these incidents, roughly 2.7 million involved a loss of money or property, where 1.9 million of those were fully reimbursed.

The incidents rose from 3.3 million in 2023. The ONS states this does not represent a statistically significant change, however, the rate of consumer and retail fraud was notable.

The Home Office has announced a new charter with the insurance sector to “crack down” on fraud.

The department said the voluntary agreement would target fraudsters “seeking to manipulate the insurance market with bogus claims and duping innocent people into buying fake insurance policies”.

https://www.cumnockchronicle.com/news/national/24676962.home-office-launches-new-charter-crackdown-insurance-fraud/

The Serious Fraud Office is working with City of London police to make it easier for victims to report fraud.

From Monday 28th October 2024, all fraud referrals – unless from companies or whistleblowers – should be made to Action Fraud, either online at www.actionfraud.police.uk/reporting-fraud-and-cyber-crime or via the call centre on 0300 123 2040.

This change brings us in line with all 43 national police forces in England and Wales and the National Crime Agency, supporting strong coordination between agencies to emerging fraud threats and building a better picture of fraud across the country.

Fraud remains a significant threat to the UK and those operating in the regulated financial industry.

Latest figures show that fraud accounts for 36 per cent of crime reported, with 3.2mn instances

https://www.ftadviser.com/fca/2024/10/21/both-challenger-and-traditional-banks-need-to-do-more-to-prevent-fraud/