The former assistant commissioner of the Metropolitan Police was appointed as the director of the Serious Fraud Office (SFO) one year ago today. So how has Nick Ephgrave first year gone at the anti-fraud agency?

Before he stepped foot into his office, lawyers were telling City A.M., that he has a lot of work ahead of him on rebuilding the SFO’s reputation after a slew of failures over the years.

https://www.cityam.com/nick-ephgrave-marks-one-year-at-serious-fraud-office-how-has-he-fared-as-director/

Value and volume of detected fraudulent claims both up.

The fight against insurance fraud remains a central focus for the industry, as new figures from the Association of British Insurers (ABI) show that fraudulent claims totalling £1.1 billion were detected in 2023 – a 4% increase compared to the previous year.

https://www.insurancebusinessmag.com/uk/news/claims/abi-outlines-extent-of-insurance-fraud-507601.aspx

Uptick in money laundering cases reaching courts marks positive milestone in battle against illicit finance

- Total volume of alleged fraud cases over £100k in the first half of the year reached 122.

- Compared to the same period in 2023, the total value of fraud was down 14%.

New figures published today from KPMG UK’s mid-year Fraud Barometer show that money laundering has been the most common fraud type by value in the last six months. Nine cases have been heard in UK Crown Courts collectively worth £128.2 million so far this year. With the UK regularly cited as a hub for illicit finance, it is positive that more suspected perpetrators of this crime are appearing to be prosecuted.

Fraud Barometer - KPMG UK

Despite a decrease in the amount stolen through fraud in the UK in the past few years, continued vigilance is still needed to combat fraud across sectors, legal experts have said.

Recent statistics on fraud in the UK have shown some small reductions in the amount lost due to fraud, but there is still more to do by the financial sector and other sectors for fraud prevention and consumer protection. These are among the main findings of two industry reports.

Total loss caused by fraud in the UK shows downward trend (pinsentmasons.com)

The government will bring forward a new Fraud, Error and Debt Bill in this parliamentary session to crack down on fraud in the social security system.

New laws to be introduced to crack down on fraud - GOV.UK (www.gov.uk)

Netflix documentary The Tinder Swindler tells the story of a fraudster who convinces women he met on a dating app to “loan” him large sums of money. It shows the devastating financial damage and psychological trauma online romance fraud can inflict on its victims. But it’s not just carried out by individuals – sometimes it’s orchestrated by organised crime groups that operate on an industrial scale.

‘Pig butchering’ fraud: the link between modern slavery, torture and online crime (yahoo.com)

Artificial intelligence (AI) is being used to drive insurance fraud as the number of dodgy claims is on the rise, according to a survey of claims handlers.

One in five (19%) of the claims handlers surveyed across four sectors including medical insurance believed up to a quarter of all claims submitted might be created or altered using AI.

The Financial Conduct Authority has made a call to action as it looks to work with the industry to tackle financial crime.

In a speech delivered at the Westminster Legal Policy Forum keynote seminar, Andrea Bowe, director of the specialist directorate, said the dial was beginning to shift on the fight against fraud but warned “we should be under no illusion about the scale of the problem to fix".

https://www.ftadviser.com/regulation/2024/09/17/fca-we-want-to-partner-with-industry-to-tackle-crime/

Posting voice recordings online could potentially lead to scam attempts being made against family members and friends, a bank is warning.

Voice cloning scams, where fraudsters can imitate a person’s voice by using videos uploaded on social media, could catch many people out, Starling Bank found.

https://uk.news.yahoo.com/ai-voice-cloning-scam-warning-230100181.html/

The London rental market has become a hub of fraudulent activity, according to one estate agent.

Benham and Reeves report that many London letting agents face significant challenges with tenant screening.

Last month the estate agent encountered issues such as forged passports, digitally altered documents, and undeclared CCJs.

https://www.property118.com/london-rental-market-faces-surge-in-fraud/