Britain’s biggest Bitcoin scam case has resulted in the successful prosecution of a former takeaway worker, who illegally sat on £2bn worth of the crypto currency.

A lavish multimillion pound house in the heart of Hampstead and jet-setting around the world was the life of Jian Wen, 42, for years.

https://www.cityam.com/biggest-bitcoin-fraud-in-uk-history-as-ex-takeaway-worker-convicted-in-2bn-scam/

Bosses from the UK’s biggest high street banks have told MPs that social media companies could do more to prevent the increasing amount of fraud originating on their platforms.

UK chief executives from Barclays, Lloyds, Natwest and Santander said in a Treasury Committee session that they were doing more work with social media and telecommunications firms to prevent fraud but that there was still progress to be made.

https://www.cityam.com/barclays-santander-natwest-and-lloyds-bosses-warn-of-rising-fraud-threat-from-social-media/

In a proactive move against organised crime and sanctions evasion, the UK government has enhanced its fraud detection capabilities with the integration of UK and US sanctions data into its Single Network Analytics Platform (SNAP)

This upgrade aims to empower authorities in identifying suspicious networks, activities, and users, thus strengthening efforts to combat fraud within the public sector.

https://www.solicitorsjournal.com/sjarticle/criminals-beware-government-upgrades-ai-fraud-detection-tool

The Cabinet Office has announced plans for a number of AI discovery projects over the next 12 months to identify new ways to detect fraud against the public sector.

Minister of State at the Cabinet Office Baroness Neville-Rolfe said the first project will use AI to identify entities registering and bankrupting successive companies to avoid paying debts, known as ‘phoenixing’.

https://www.ukauthority.com/articles/government-plans-projects-to-use-ai-in-detecting-fraud/

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/