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/

The Department for Work and Pensions (DWP) is set to gain new powers to directly access bank accounts and wages of suspected benefit fraudsters, as part of a major Government crackdown on welfare fraud.

Liz Kendall, Work and Pensions Secretary has unveiled plans to update the department's "outdated" investigatory tactics, which have remained unchanged for two decades.

https://www.msn.com/en-gb/money/other/dwp-set-to-take-money-straight-from-bank-accounts-and-wages-in-benefit-fraud-crackdown/ar-AA1sAnC8#:~:text=Under%20the%20new%20legislation,%20DWP%20investigators%20will%20be,to%20seize%20assets%20from%20a%20deceased%20person's%20estate.

Losses from unauthorised fraud increased in the first half of this year, while losses where people were tricked into transferring money fell, according to banking industry body UK Finance.

In total, criminals stole £571.7 million through unauthorised and authorised fraud in the first half of 2024, a 1.5% decrease compared with the first half of 2023.

https://uk.finance.yahoo.com/news/more-570m-stolen-fraudsters-first-230100032.html

62.1% of UK consumers see mobile app fraud as a top concern, with 50% also citing hacking as a fear, according to findings from the Open Worldwide Application Security Project (OWASP) and Appdome.

“Banks and fintechs are worried about fraud happening to them because of the implications from a regulatory perspective and obviously, a financial loss perspective, and so are consumers,” said Chris Roeckl, chief product officer at Appdome, speaking to finextra.

https://www.finextra.com/newsarticle/44884/over-62-of-uk-cite-mobile-app-fraud-as-top-concern

The chief executive of Lloyds Banking Group has joined calls for technology firms like Meta to do more to clamp down on a surge in scams originating from social media.

Charlie Nunn, one of Britain’s most influential bankers, said social media giants needed to collaborate more with lenders to protect consumers.

Asked on the BBC’s Sunday with Laura Kuenssberg programme whether Lloyds believed tech companies were “pulling their weight” on fraud, Nunn replied: “No, we don’t.”

https://www.cityam.com/lloyds-boss-charlie-nunn-says-meta-is-not-doing-enough-to-tackle-scams/

Being scammed is awful but from now on you’re at least going to get your cash back.

After well over a decade of fraudsters robbing people blind, finally we have some good news! The Payment Services Regulator (PSR) – the organisation in charge of the systems we use to pay for things in the UK – has announced that UK banks and other (but not all) money transfer services must refund people who have been defrauded up to £85,000. This money must now be refunded within five working days.

https://www.scotsman.com/business/consumer/is-battle-against-fraudsters-about-to-be-won-at-last-4819498

Pete O’Doherty is set to be the new Commissioner of City of London Police following a meeting of the Court of Common Council at Guildhall on Thursday (October 10).

The appointment, which is subject to Royal Assent, will see him become the 17th Commissioner at City of London Police.

Mr O’Doherty has served as T/Commissioner of the City Police since October 2023, leading the force in the absence of previous Commissioner, Angela McLaren, who retired from her post on medical grounds in June.

Given the speed with which stolen assets can be transferred through the global banking system, and the increase in cyber fraud and invoice hacking incidents, time is of the essence if you are to successfully recover money stolen by a rogue employee through fraud.

https://www.pinsentmasons.com/en-gb/out-law/guides/using-the-civil-courts-to-recover-assets-after-employee-fraud

With the Autumn Budget fast approaching, civil servants have been pulling together spending proposals and are now discussing them with Treasury officials and ministers.

If you are interested in how government tackles losses to the taxpayer from fraud and error, then what should you look out for?

https://www.civilserviceworld.com//professions/article/autumn-budget-counter-fraud-error-government-nao