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/

Calling all university students.

⚠️In 2023, there were 68,956 reports affecting students and young people.

Our #StudentSafety campaign will give you essential tips and advice to stay safe in the new term.

ℹ️ https://www.actionfraud.police.uk/news/studentsafety

Only buy tickets from the venue’s box office, the promoter, an official agent or a well-known and reputable ticket exchange site.

Oasis have announced a reunion tour, with shows taking place across the UK and Ireland in 2025.

Putting their differences aside, Noel and Liam Gallagher have confirmed dates for Cardiff, Manchester, London, Edinburgh and Dublin - with tickets going on general sale this weekend.

If you're an eager fan hoping to secure seats, it's important to watch out for dodgy deals and scammers before placing any orders.

A letter that asks the recipient to verify financial information with HMRC has not been issued by HMRC, and is fraudulent.

The letter is addressed from “Indv and Small Business Compliance” at HMRC. It states that, in response to a recent government initiative, the recipient of the letter should send certain documents to HMRC by email. The documents include the business’ bank statements, accounts and VAT return, and a copy of the driving license for each director.

HMRC’s advice

A HMRC spokesperson has confirmed that the letter is fraudulent and has given advice on how to stay safe online.

Keith Williamson and Narisa Gore from Alvarez & Marsal, discuss the increasing challenges of public sector fraud and the potential of artificial intelligence tools to mitigate them

In recent years, fraudsters have undoubtedly become more sophisticated in their use of technology. Scammers are creating more credible schemes to convince victims to part with their money, generating more realistic data trails and documentation to cover their tracks, and facilitating the movement and laundering of fraud proceeds.

Tackling public sector fraud with AI tools | Open Access Government