Data published by the Department for Work and Pensions has shown the proposals to snoop on bank accounts will cost £370m to set up. The system would then cost £30m a year to run once it's set up from 2032.

The DWP has confirmed that it will at first focus its attention on the top 15 banks in the UK, which included Barclays, HSBC, NatWest, Santander, and TSB. These account for 97 per cent of the accounts used by people claiming benefits, reports Birmingham Live.

https://www.msn.com/en-gb/money/other/dwp-announces-it-will-check-bank-accounts-from-15-banks-to-identify-benefit-fraud-and-error/ar-AA1mxy8D

Supplier invoice fraud is continuing to present a significant threat to businesses in the UK. UK Finance has reported that invoice fraud losses hit £50.3m in 2023 which represents an increase of 2% on the previous year.

Invoice fraud tends to arise in circumstances where either (i) a fraudster sets up an email address that is very similar to the actual supplier’s email address or (ii) the supplier’s genuine email address is hacked. In both circumstances, the fraudster will tend to change the payment details in the invoice so that the payment is sent to the fraudster’s bank account.

https://www.stephens-scown.co.uk/business-disputes/supplier-invoice-fraud-who-ends-up-paying-the-bill/

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/