Council homes are increasingly being rented out as holiday lets, fuelling a surge in fraud that is costing taxpayers £6.2bn, i can reveal.

Fraud investigators and local authorities said Airbnb, Booking.com and other popular platforms are doing too little to block illegal adverts of social homes.

https://www.msn.com/en-gb/money/technology/council-homes-illegally-rented-on-apps-like-airbnb-costing-taxpayers-extra-6-2bn/ar-BB1i4DKj?ocid=socialshare

A major campaign to transform the fight against fraudsters launches today (12 February 2024).

Stop! Think Fraud is backed by leading counter fraud experts who are uniting under one voice to provide consistent, clear and robust anti-fraud advice to the public.

Fraud accounts for around 40% of all crime in England and Wales, with an estimated 3.2 million offences each year. The latest data from the Crime Survey of England and Wales shows it has reduced by 13% over the past year. The estimated cost of fraud to society is £6.8 billion in England and Wales.

https://www.gov.uk/government/news/major-campaign-to-fight-fraud-launched#:~:text=12%20February%202024).-,Stop!,3.2%20million%20offences%20each%20year

The Financial Conduct Authority (FCA) has launched a fresh call for social media firms to do more to prevent mass fraud on their platforms, City A.M. can reveal.

The City watchdog said in a report on Thursday that it issued 2,286 warnings last year alerting consumers about firms and individuals operating without its authorisation, up 21 per cent from 1,882 in 2022.

https://www.cityam.com/fca-urges-big-tech-to-crack-down-on-fraud-amid-rise-in-unauthorised-firms/

A director at TSB Bank has warned a group of top MPs that Facebook Marketplace and cryptocurrency investment are major breeding grounds for scams amid calls for Big Tech to take more responsibility for a wave of fraud on social media.

The Home Affairs Committee heard from major banking and communications firms heard on Wednesday as part of its inquiry into fraud, which makes up around 40 per cent of crime in England and Wales.

https://www.cityam.com/about-a-third-of-facebook-marketplace-listings-could-be-scams-mps-told/

• Total volume of alleged fraud cases of over £100k reaching UK Crown Courts higher in 2023 compared to previous year; while total value hits nearly £1 billion
• The public sector was the most common fraud victim type by value

Figures published today from KPMG UK’s Fraud Barometer, which records alleged fraud cases with a value of £100k and above, reveals that the total volume of fraud cases heard in UK Crown Courts was 226 cases in 2023, up from 221 cases in 2022. In contrast, fraud value was £992.9 million, a slight decrease from £1.1 billion the previous year.

https://kpmg.com/uk/en/home/media/press-releases/2024/02/fraudsters-stay-bullish-despite-efforts-to-curb-their-crimes.html

The UK government has been urged to do more to crack down on fraud after new data showed the number of high-value criminal cases reaching the courts has stayed flat despite a sharp rise in fraud.

UK crown courts heard 226 fraud cases last year compared with 221 in 2022, according to new figures from KPMG’s Fraud Barometer, which tracks cases worth £100,000 and above. KPMG recorded 298 such cases in 2021, a 66 per cent increase from 2020.

https://www.cityam.com/prosecutions-fail-to-keep-up-with-uks-growing-fraud-epidemic/

How parents may be committing insurance fraud without realising it.

One Sure Insurance, an insurance broker, has advised parents to be more honest when it comes to their insurance policies because they may be committing insurance fraud unknowingly.

https://www.insurancebusinessmag.com/uk/news/breaking-news/one-sure-insurance-calls-on-parents-to-be-honest-about-insurance-475495.aspx

It’s a sad fact that fraudsters will take advantage of your generosity when you decide to give to charity.

Action Fraud, National Fraud & Cyber Crime Reporting Centre have highlighted how you can give safely to charity. It’s always important to be vigilant to make sure you are giving to a legitimate organisation.

https://crimestoppers-uk.org/news-campaigns/news/2024/feb/4-tips-on-how-to-give-safely-to-charity

Soaring levels of authorised push payments fraud in the UK are turning consumers off digital banking, according to research conducted by Visa.

APP fraud occurs when someone is tricked into transferring money to a fraudster posing as a genuine payee. Total losses due to APP scams exceeded £239 million in the first half of 2023 according to UK Finance, and one-in-three of those surveyed by Visa reported having fallen victim to APP fraud.

https://www.finextra.com/newsarticle/43622/one-in-three-consumers-falling-victim-to-app-fraud---visa

According to Cifas research, one in six UK adults have exaggerated their earnings to get a mortgage, or know someone that has.

The fraud prevention service found that some people are prepared to dishonestly inflate their earnings by as much as £10,000, and even forge payslips, in order to buy or remortgage a home.

https://www.yourmoney.com/mortgages/one-in-six-will-commit-mortgage-fraud-to-get-a-deal/