Head points to team's "continued determination" against fraudsters.

Allianz UK has reported a significant rise in fraudulent claims, particularly involving noise-induced hearing loss and fake businesses, during the first half of 2024. The increase in fraud detection has allowed the insurer to save £37.7 million in the half-year, with a notable portion stemming from casualty fraud cases, especially major loss fraud.

https://www.insurancebusinessmag.com/uk/news/claims/allianz-uk-outlines-fraudulent-insurance-claims-trends-504476.aspx

The Payment Systems Regulator (PSR) has said it will scale back mandatory fraud compensation despite a surge in APP scams.

The Payment Systems Regulator (PSR) has confirmed it intends to slash the maximum amount of fraud compensation banks and payment providers will have to pay out to scam victims.

Under its original plans, which were set to come into force from 7 October, the PSR was going to bring in a mandatory pay-out limit to reimburse the losses of Authorised Push Payment (APP) fraud victims. This maximum would have covered any losses up to a total of £415,000.

DWP can do more to understand how fraud and error gets into the benefits system, and what can be done to tackle it.

Since the Covid-19 pandemic, benefit overpayments have increased to new levels we haven’t seen before.

A new record was set in 2021-22 and the rate of fraud and error hasn’t dropped much since. The Department for Work and Pensions' estimates show that 3.7% of benefit spending was overpaid last year, compared with 2.4% in 2019-20, meaning it now pays out over £9.5bn in benefits that people aren’t entitled to. At the same time, DWP estimates that underpayments, where people receive less money than they’re eligible for, have increased to £4.2 billion.

https://www.civilserviceworld.com/in-depth/article/eyes-on-the-prize-tackling-fraud-and-error-to-build-public-trust-in-our-benefit-system

More than half were in relation to customer-approved online bank transfers, also known as authorised push payment scams.

Scam-related complaints have reached their highest level since at least early 2018, according to a service that resolves disputes between consumers and financial firms.

In the first quarter of this financial year (April 1 to June 30), consumers lodged 8,734 gripes about fraud and scams, the Financial Ombudsman Service (FOS) said.

https://news.stv.tv/world/fraud-and-scam-complaints-hit-highest-level-recorded-by-ombudsman-service

Today, the National Crime Agency can reveal that they have shut down a platform used by hundreds of criminals to defraud victims across the world.

Russian Coms, established in 2021, is thought to be behind financial losses in the tens of millions. An estimated 170,000 people across the UK are believed to be victims.

Research from Chainalysis, the blockchain data company, has revealed worrying signs about the growth of crypto scams in China. Forty-three per cent of fraudulent inflows have gone to wallets that only became active this year, the highest amount of year-to-date (YTD) inflow into new wallets.

Previously, the highest number of scams in new wallets was 29.9 per cent in 2022. Interestingly, while crypto scams might be on the rise, their lifetime has actually decreased. According to the second part of the Mid-Year Crime Update, in 2020, scams that started at the beginning of the year lasted 271 days. Meanwhile, for scams beginning in 2024, the longest they have lived is 42 days.

https://thefintechtimes.com/chainalysis-reveals-changing-trends-amongst-crypto-fraudsters-as-they-focus-on-romance-scams/

New figures published by KPMG UK show that money laundering has been the most common fraud type by value in the last six months, with nine cases heard in UK Crown Courts so far this year worth over £128 million

The number of fraud cases in UK Crown Courts increased by 16% in the first half of the year compared to the same period in 2023, with money laundering representing the highest value fraud cases, according to new data from KPMG UK’s mid-year fraud barometer.

https://www.digit.fyi/more-money-laundering-cases-head-to-court-say-kpmg/

The interconnected world of fraud prevention and anti-money laundering (FRAML) is continuously evolving, and the stakes are high. This eBook explores the complexities of financial crime, highlighting the rise of fast evolving fraud schemes, cyber scams in particular, and underscoring the importance of effective prevention. We also suggest a technology gap that can be bridged through public-private partnerships (PPP)

This is a strategic guide designed for government agencies at the forefront of this fight against laundering the proceeds of crime. Join us as we explore the emerging risks posed by sophisticated financial criminals, the advanced tactics they use, and innovative solutions to mitigate these threats.

https://www.openaccessgovernment.org/ebook/from-intelligence-to-evidence-a-blueprint-for-government-fraud-prevention/181556/

Retail fraud in the UK rocketed 545% year-on-year in the first six months of 2024, costing UK retailers £5.4 million, according to new data from the National Fraud Intelligence Bureau (NFIB).

High on the list of recorded thefts are consumers returning stolen items to swap for legitimate ones or switching a price tag before paying, according to payments specialist Dojo.

https://uk.fashionnetwork.com/news/Uk-retail-fraud-added-up-to-billions-last-year,1657496.html

Thomas Kalaris was found by the Upper Tribunal in London to have been dishonest when interviewed by the City watchdog.

Former Barclays wealth boss Thomas Kalaris has lost his appeal against a decision banning him from holding senior roles in the industry after he was found to have acted dishonestly when questioned about the bank’s capital raising at the height of the financial crisis.

https://www.shropshirestar.com/news/uk-news/2024/08/27/former-top-barclays-banker-loses-appeal-against-fca-ban-on-holding-senior-roles/