Fraud groups take billions of dollars a year out of the music industry through fake streams, a streaming technology company has warned.

At least 10% of all song streams are fraudulent, and this takes between $2bn and $3bn (£1.6bn and £2.4bn) out of the global music industry each year according to Beatdapp, the streaming fraud detection platform.

https://www.msn.com/en-gb/money/other/fraud-gangs-stealing-billions-from-music-industry-via-fake-streams/ar-BB1pn5vH

Authorised push payment (APP) fraud is the biggest threat to customers and businesses over the next 12 months, an industry survey finds.

Two-thirds of the UK’s payments industry, made up of banking providers, crypto services, and technology companies, think the scam is the most pressing type of fraud issue.

https://www.yourmoney.com/household-bills/app-fraud-is-the-uks-top-threat-to-businesses-and-customers/

Fraud is a tale as old as time, but its guises evolve with the ages. Let’s have a look into some of the most notable frauds and understand the psychological underpinnings that make them so effective.

The Nigerian Prince Story was pretty obvious right?

“Send me your bank details so I can send you money,” said the elusive Nigerian prince. It sounds absurd, yet this scam has defrauded victims of a staggering $4.5 billion.

https://www.irishnews.com/news/business/understanding-the-risks-of-financial-fraud-XVU3NB7KPBH5PB3Y3VBJKNVBJU/

A phantom passenger claim in its simplest form is an injury claim from a person that was not present in a vehicle involved in a crash. It is certainly one of the more brazen ways to pursue a fraudulent injury claim by attempting to circumvent any fraud detection process and acquire a quick compensation pay out.

Identifying claims for further investigation can be as straightforward as noticing that there are more claimants than seats in a vehicle, the at-fault driver disputing the presence of a passenger, or there are photographs / video footage showing vehicle occupancy.

https://kennedyslaw.com/en/thought-leadership/blogs/fraud-blog-fundamentally-honest/navigating-the-ghostly-realm-of-a-phantom-passenger/

Aviva has seen a significant uptick in fraudulent claims for 2023, the insurer said in a recent news release.

Aviva revealed a 39% increase in fraudulent claims, with more than 11,000 suspect claims valued at £116 million – averaging 30 bogus claims daily worth £318,000. Additionally, the insurer is investigating 13,100 more claims for potential fraud.

https://www.insurancebusinessmag.com/uk/news/breaking-news/aviva-sees-spike-in-fraudulent-claims-494919.aspx

Tax fraud cases in the UK rose 49%, reaching 94 in 2022/23, as HMRC intensifies crackdown

The number of criminal cases brought for tax fraud in the UK has surged by 49% in the last year, increasing from 63 proceedings in 2021/22 to 94 in 2022/23, according to multinational law firm Pinsent Masons. This rise reflects HMRC's intensified efforts to combat tax crime.

https://www.solicitorsjournal.com/sjarticle/criminal-cases-against-tax-fraud-up-49-in-past-year--94-cases-last-year

The new criminal offence of failure to prevent fraud will likely result in a transformational corporate culture shift with respect to how fraud is viewed amid an ongoing fraud epidemic in the UK.

Currently, approximately 40% of reported crime in England and Wales is due to fraud, according to a recent House of Commons Justice Committee report (50 pages / 586 KB).

https://www.pinsentmasons.com/out-law/analysis/eccta-failure-prevent-fraud-offence-create-culture-shift

According to a survey conducted by LexisNexis Risk Solutions on digital trust, banking is the most trusted sector, with 86% of UK consumers deeming banks trustworthy.

However, only 28% of consumers deem government institutions trustworthy. So, how can the government support the national fight against fraud?

https://www.openaccessgovernment.org/how-the-government-can-support-the-national-fight-against-fraud/178378/

As many as 15 million Brits could have fallen victim to scams in the past 12 months, according to new research from Wise, the international money app.

According to a poll of 2,000 UK adults, Wise found that 28 per cent of Brits have lost money to scammers, highlighting the need for increased awareness and protective measures as scams become more sophisticated.

https://thefintechtimes.com/wise-turns-to-education-as-preventative-measure-against-fraud-as-28-of-brits-hit-by-scams-annually/

The ongoing economic challenges in the UK have significantly impacted families nationwide, forcing individuals and businesses to cope with rising bills and soaring interest rates. Amid this financial uncertainty, there has been a noticeable increase in expense fraud, which poses serious implications for businesses across the country.

A survey conducted by Emburse, involving over 1,000 workers and facilitated by YouGov, highlights the prevalence of expense fraud. The findings reveal that nearly a quarter (24%) of employees admit to making personal purchases and passing them off as business expenses due to their financial circumstances.

https://ifamagazine.com/addressing-the-surge-in-expense-fraud-essential-measures-for-uk-businesses/