The UK government has announced measures granting banks 72 hours to scrutinise suspicious transactions before processing payments to combat rising fraud

This comes after efforts to tackle the escalating threat of Authorised Push Payment (APP) scams which has left victims dealing with a total of £485 million in losses in 2022.

https://www.openaccessgovernment.org/british-government-extends-deadline-for-banks-to-combat-rising-fraud/174688/

Fraud continues to be a significant and growing issue across all sectors in the UK, with stats showing that hundreds of millions are being lost every year; unfortunately, the public sector is far from an outlier to this trend. What can technology do?

https://www.openaccessgovernment.org/using-technology-to-help-local-authorities-to-counter-fraudsters/174708/

The Home Secretary has hailed a pledge by world leaders to unite to fight fraud as a “massive step forward” in efforts to crack down on the crime.

The agreement was signed as representatives from governments of the Five Eyes intelligence partnership – the UK, US, Canada, Australia and New Zealand – as well as those from France, Germany, Italy, Japan, Singapore and South Korea attended a summit in London.

https://uk.finance.yahoo.com/news/world-leaders-vow-united-front-173314279.html/

New legislation to crack down on push payment scams via banking apps will be brought to parliament, the government has announced today.

The government is set to bring forward a draft bill aimed at tackling fraudsters who operate by convincing scam victims to authorise so-called push payment transactions in banking apps.

https://www.cityam.com/uk-proposes-new-laws-to-crack-down-on-push-payment-fraud/

Fraud is the most common type of crime – 38 per cent of all crime committed in England and Wales last year was fraud. It costs money, weakens our economic security and ruins lives.

Last night, I welcomed ministers from the G7 and Five Eyes countries, global law enforcement agencies, tech companies and industry partners to Guildhall as part of the government’s Global Fraud Summit.

Now fraud might not hit the headlines all that often, but that does not mean it is any less damaging to the victims. The government estimates that fraud costs society £6.8bn. That’s money saved by families for that special holiday or by a business looking to expand. Fraud is not a victimless crime, and we should not treat it as such.

https://www.cityam.com/fraud-isnt-a-victimless-crime-and-we-mustnt-treat-it-as-though-it-is/

LONDON (AP) — Nearly three dozen bodies were removed from a funeral home in northern England, and a man and woman were arrested Sunday on suspicion of fraud and preventing a lawful burial, police said.

Humberside Police announced the developments after five days of investigation at three branches of Legacy Funeral Directors in Hull and East Yorkshire.

https://uk.news.yahoo.com/police-remove-34-bodies-english-184154487.html/

Officials are warning people to remain vigilant over ‘mystery box’ scam emails.

Action Fraud, the UK’s national reporting centre for fraud and cybercrime, has received more than 7,902 reports about scam emails impersonating well-known retail brands.

The emails claim to be giving away a ‘mystery box’ containing free prizes.

The links in the emails lead to malicious websites designed to steal personal and financial information.

https://uk.news.yahoo.com/officials-warn-people-vigilant-over-050000627.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr

Companies House implements robust measures, including enhanced data checks and criminal penalties, to combat fraud and misinformation

In a ground-breaking move, Companies House has initiated the first phase of implementing new powers granted by the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) on March 4, 2024. Aimed at enhancing data quality and curbing misuse of the companies register, these measures signify the most significant change in Companies House's 180-year history.

https://www.solicitorsjournal.com/sjarticle/companies-house-empowered-to-combat-fraud-new-measures-under-economic-crime-act-take-effect

New Companies House regime aims to improve data quality and counter misuse – a timely introduction as banks are on high alert due to a spike in potential fraudulent company filings.

Companies House has gained new powers this week to improve the quality of its data and beef up its ability to prevent fraud within the companies’ register. The move comes after the UK’s banks were alerted to possible rogue filings at the register.

Announcements from the UK government and National Institute of Standards and Technology (NIST) show aims of enhancing governance in cyber security control management systems with hopes of more appropriate protection for firms, an expert has said.

https://www.pinsentmasons.com/out-law/news/uk-government-calls-enhanced-cyber-security-system-governance