The UK to review their fraud prevention procedures.

Sweeping reforms to the attribution of corporate criminal liability for fraud and other economic crimes are already in force. Previously, companies could only be prosecuted for fraud if the directing mind – such as the CEO or managing director – was directly involved. But the Economic Crime and Corporate Transparency Act 2023 overhauled rules around corporate criminal liability.

https://www.scotsman.com/news/opinion/columnists/businesses-should-review-their-fraud-prevention-procedures-before-its-too-late-tom-stocker-4640048

In 2023, a huge £2.3billion was lost to fraud in the UK, with reported cases rising by 18%.

But which types of fraud are rising the most quickly? And what steps can be taken to avoid falling victim?

The experts at Scams.info have studied the number of reports across a five year period to determine which fraud types are most on the rise, and which types are becoming less common.

https://ifamagazine.com/2-7-million-card-fraud-loss-reports-are-filed-every-year-in-the-uk/

House purchases could be severely disrupted by new rules designed to protect against fraud, experts have warned.

In an effort to detect “Authorised Push Payment” (APP) fraud, banks will be able to stop payments that they have flagged as suspicious for up to four days under incoming rule changes.

Green initiatives are certainly susceptible to fraud. This is partly because governments are spending more on them. We all know fraudsters are opportunistic and will follow money, wherever it goes. They also tend to like the sort of payments associated with green initiatives – grants you apply for, incentive payments and tax reliefs. And because environmental impacts can be harder to define, environmental benefits can be purposefully overstated and negative impacts understated.

https://www.civilserviceworld.com/in-depth/article/green-fraud-tackling-abuse-environmental-schemes-nao

Purchase scams and romance frauds pushed up the number of cases where people were tricked into losing money to fraudsters last year, according to a trade association.

A record amount was lost to purchase scams last year, where people were tricked into paying for goods that never materialised, UK Finance said.

It also warned that people looking to attend events such as the Olympics and Taylor Swift concerts could be targeted by scammers this year.

https://uk.finance.yahoo.com/news/tricked-consumers-lose-record-amount-230100941.html

Many individuals, including numerous celebrities, have fallen victim to malicious use of ‘deepfake’ technology: the realistic manipulation of a person’s features by artificial intelligence, so they resemble somebody else. This fast-evolving technology is also being used by criminals to target organisations, with potentially catastrophic consequences.

The Financial Times reported last week that the firm which had fallen prey to one of the world’s largest deepfake scams to date, losing HK$200m (£20m) in a highly sophisticated fraud, was British professional services multinational Arup. Senior associate Ed Holmes reviews how the Arup fraud was carried out, and how businesses can safeguard themselves from high-tech attacks like it.

https://www.stewartslaw.com/news/multi-million-pound-deepfake-fraud-reveals-the-danger-posed-to-businesses-by-new-ai-technology/

A Manchester restaurant manager who fraudulently obtained two Covid loans worth £100,000 and spent taxpayers’ money on jewellery has been handed a suspended sentence.

Sehrish Yasmin was sentenced to 10 months in prison, suspended for 12 months, at Manchester Crown Court on Thursday 16 May.

The 32-year-old was also ordered to pay costs and compensation totalling £5,000 within 28 days.

https://www.thebusinessdesk.com/northwest/news/2133861-restaurant-manager-gets-suspended-jail-sentence-for-covid-loan-fraud

The amount victims lost to fraud soared past £1bn in 2023 – a fraction less than during the previous year, a report finds.

This figure (£1.17bn) could have doubled had it not been for banks intervening, which prevented an extra £1.25bn going into the pockets of criminals.

https://www.yourmoney.com/economy/fraud-victims-lose-1-2bn-in-2023-as-app-scams-surge/

Last month Nick Ephgrave, the new director of the Serious Fraud Office, set out his vision for an organisation whose success has otherwise been limited by challenges.

While many of the SFO chief’s proposals are not new to regulators in other jurisdictions or to lawyers representing businesses being investigated, the SFO finally appears to be taking steps to level the playing field for its benefit.

https://www.ftadviser.com/regulation/2024/05/23/sfo-director-appears-to-be-levelling-the-playing-field-in-latest-strategy/

The UK National Audit Office is renewing its focus on helping the government deliver value for money by preventing fraud and error – potentially saving billions for the UK taxpayers

Our main role at the UK National Audit Office (NAO) is to give Parliament and taxpayers assurance that public money is properly accounted for and well spent.

https://www.openaccessgovernment.org/the-tip-of-the-iceberg-unlocking-billions-by-fighting-fraud-and-error/177316/