Effective data sharing between organisations and across different digital sectors is an important factor in preventing data-enabled scams and fraud.

The UK GDPR and the Data Protection Act 2018 (DPA) do not prevent you from sharing personal information where it is appropriate to do so, or from taking steps to prevent harm.

This advice is aimed at private sector organisations across the digital economy such as financial services, telecommunications and digital platforms that want to share personal information with each other to support scam and fraud mitigation efforts.

Our role is to help and encourage organisations to carry out this data sharing in a confident, responsible and compliant way. That includes following the principles of the UK GDPR as well as ensuring that you respect people’s information rights.

The ICO continues to engage with private and public sector organisations to support efforts to prevent people being harmed from scams and fraud.

https://ico.org.uk/for-organisations/uk-gdpr-guidance-and-resources/data-sharing/sharing-personal-information-when-preventing-detecting-and-investigating-scams-and-frauds/

Almost double the amount has been paid out to people who report suspected tax evasion. While the amounts given to whistleblowers are discretionary in the UK and not on par with the more lucrative system used in the USA, data shows that HMRC paid out nearly £1 million (£978,256) to people who provided actionable intelligence on tax fraud in 2023/24, up from £508,500 the previous year.

https://uk.news.yahoo.com/hmrc-pay-tax-evasion-tip-125701958.html/

“It’s concerning to see yet another rise in fraud and scams cases coming to our service,” said Abby Thomas, chief executive and chief Ombudsman of the FOS.

The Financial Ombudsman Service has released new data showing that complaints about fraud and scams are at record highs.

Between July and September this year, the Ombudsman received 73,692 overall complaints, significantly higher than the 46,716 cases it received over the same period last year.

https://www.digit.fyi/uk-scam-and-fraud-complaints-reach-record-highs/

The Charity Commission has opened 603 investigations relating to fraud over the last year, its latest figures show.

It has also launched an additional 99 probes into charities hit by cybercrime issues.

The figures are for the period November 2023 and October 2024, which also reveal it received 264 serious incident reports relating to fraud.

To coincide with the release of these latest figures the regulator has announced it has published fresh guidance to protect charities from fraud and cyber-crime.

https://www.charitytimes.com/ct/Charity-regulator-launched-more-than-600-fraud-investigations-over-the-last-year.php

The scale, sophistication, and impact of corporate fraud have reached unprecedented levels worldwide.

Interpol’s 2024 Global Financial Fraud Assessment reports that “financial fraud has increased and diversified significantly [and] represents a pervasive, global threat.” Even more sobering is the expectation that the “magnitude of financial fraud [will] grow in tandem with technological advancements and the expansion of virtual services across the globe.” With Nasdaq estimating that at least $3.1 trillion in illicit funds flowed through the global financial system in 2023, even the most diligent organizations find themselves impacted.

New guidance launched for charities on spotting and preventing fraud and cybercrime.

More than 600 cybercrime and fraud cases were reported to the Charity Commission in the last year.

Between November 2023 and October 2024, the Commission opened 603 cases relating to fraud and a further 99 cases relating to cyber crime issues.

This has led the Commission to launch new guidance, and a separate shorter guide on fraud. Developed with the support of the National Cyber Security Centre and their Small Charity Guide. It links to several free online training modules designed for charities of all sizes.

These guides explain the importance of having robust internal financial controls, and signposts to the Commission’s more detailed guide about this.

https://insight.scmagazineuk.com/charity-commission-received-hundreds-of-cybercrime-reports-in-2024

Online fraud is on the rise and according to the consumer champion, Which?, organisations are not doing enough to stamp it out. With millions of people getting scammed on platforms owned by tech giants, Which? has called on the government to bring forward the implementation of the Online Safety Act.

According to Which? research, 6.6 million people have lost money in the UK to online scams in the last 12 months. Three-quarters of those scammed online – just under five million – reported falling victim on platforms that committed to the last government’s voluntary Online Fraud Charter, which marks its first on year anniversary this week.

https://thefintechtimes.com/online-fraud-charter-hasnt-had-desired-impact-6-6mil-uk-adult-fall-victim-to-fraud-finds-which/

Complaints about fraud and scams, current accounts and credit cards are at record highs, according to new figures published by the Financial Ombudsman Service (FOS) today.

The service, which resolves disputes between businesses and their customers and is free for consumers, received 73,692 overall complaints between July and September 2024. In the same period in 2023/24 it reported that it received 46,716 cases.

https://ifamagazine.com/financial-ombudsman-service-sees-complaints-increase-by-more-than-50/

Millions of people have been scammed on platforms owned by tech giants since they signed a ‘world first’ pledge to do more to tackle online fraud, new Which? research has found.

The consumer association is calling on the UK government to bring forward implementation of the Online Safety Act and fines for firms that fail to stamp out online fraud, as its research reveals around 6.6 million people in the UK have lost money to online scams in the last 12 months.

https://www.techdigest.tv/2024/11/millions-scammed-online-since-tech-giants-pledged-to-tackle-fraud.html

Top financial firms, telcos, and technology leaders launch a collaborative programme in International Fraud Awareness Week to tackle financial crime across the UK.

As part of International Fraud Awareness week, 11 industry partners including BT, HSBC, Morgan Stanley, Abrdn, TSB, Virgin Money, Lloyds Banking Group, Barclays, Fujitsu, Equifax and Dudley Building Society are collaborating to launch an innovation programme focused on addressing financial crime.

FinTech Scotland, SuperTech West Midlands, and Greater Manchester Combined Authority, brought together through the Innovate UK Innovation Accelerators programme, will lead the UK wide innovation call aiming from within the Financial Regulation Innovation Lab to tackle financial crime challenges.

Innovators worldwide are invited to apply to join the programme by 13 January 2025.

https://www.digit.fyi/international-fraud-awareness-programme-launched/