A quarter of young people would lie on car insurance applications to get cheaper policies amid soaring costs, the industry warned.

A survey by Insurance Fraud Bureau found a quarter of 18 to 24-year-olds would lie to get cheaper insurance, with more risking “fronting” by posing as a named driver on a parent’s main policy.

https://uk.news.yahoo.com/young-drivers-could-risk-fraud-111738696.html

A fraudster who promised energy savings and complete home security through his products and services has been found guilty of conning elderly and vulnerable residents out of £1.5million.

Robin McDonald, aged 45, of Burton-on-Trent, was found guilty of conspiracy to commit fraud by false representation along with charges of fraudulent trading following a five-month trial at Nottingham Crown Court.

https://westbridgfordwire.com/fraudster-conned-elderly-victims-in-1-5-million-energy-and-security-scam/

A scam is when someone tries to take your money by pretending to help you, or by offering you something which they are not going to give you.

If someone pretends to help you, they might ask you for information which can help them to try to take your money.

https://www.mencap.org.uk/easyread/how-protect-yourself-scams

Over half the fraud detected by the Student Loans Company was at franchised higher education providers, an investigation has found.

The National Audit Office (NAO), the UK’s public spending watchdog, led an investigation into the fraud and abuses of higher education student loans.

https://theboar.org/2024/01/half-of-student-loan-company-fraud-aimed-at-higher-education/

HM Revenue and Customs (HMRC) has paid over £509,000 ($650,000, €596,000) to whistleblowers in the 2022/2023 financial year, according to research by international law firm RPC.

The amount of money being paid to individuals providing evidence about tax fraud has increased by £14,000 from 2021/22 and up 75% from five years ago.

https://international-adviser.com/hmrc-paid-over-500000-to-whistleblowers-last-year/

Fraud is one of the most ancient forms of crime in history.

According to the aptly named Fraud.com, there are references to fraud as early as 300 BC when two bad actors named Hegestratos and Zenosthemis were caught for insurance fraud involving their ship and its cargo. While this might have been one of the first instances, it was certainly not the last.

https://www.ftadviser.com/your-industry/2024/01/17/younger-generations-more-likely-to-fall-victim-to-financial-fraud/

As technology is growing, the crypto industry is extending its roots in the financial sector. The new year, 2024 comes with 3 big cryptocurrency events for which every crypto fan is eagerly staying. In the year 2023, the industry eyeballed many small and major events that had both favorable and adverse influences.

https://www.thecoinrepublic.com/2024/01/21/which-3-big-cryptocurrency-events-will-seek-attention-in-2024/

Pensioners are being urged to be vigilant after a spate of courier frauds in the east and south of the UK, including one case where a victim lost £5.3 million.

Reports to Action Fraud, the national fraud and cybercrime reporting service, have shown that members of the public have been contacted by criminals purporting to be either from the police or from their bank, claiming that the victim’s account has been taken over by fraudsters.

https://www.professionaljeweller.com/courier-fraud-gold-bullion-jewellery/

Last year I was the victim of a banking scam. For a while, it appeared that I had lost everything, but luckily the perpetrator was so eerily accomplished at mirroring the bank’s technology and phone numbers that they agreed I wasn’t at fault and the money was refunded to me.

Becky Holmes, a popular presence on Twitter, has written a book about a different sort of fraud, one much more personally invasive and traumatic than the kind I experienced. She writes about romantic fraud, in which a perpetrator assumes a false identity – in more outlandish frauds, sometimes posing as a celebrity (there’s more than one Keanu Reeves out there) – to woo another person online, eventually using the relationship to extort money and gifts.

https://uk.sports.yahoo.com/news/revealing-revolting-look-world-online-110000720.html

Banks and financial services firms are rushing to invest in new technology to combat rising levels of fraud, according to a survey, as artificial intelligence unlocks new ways to create scams.

The survey, by regtech firm Complyadvantage, found that 86 per cent of financial compliance chiefs were investing in new technology, including AI, to help fight fraud, with two-thirds (66 per cent) flagging AI-powered scams as a growing threat.

https://www.cityam.com/banks-rush-to-invest-in-new-tech-to-combat-rise-in-ai-driven-fraud/