Shoppers are being warned to remain vigilant when shopping this festive period as over two-thirds (62%) of scam victims over 65 have fallen to a purchase scam, research from Feedzai, the financial crime and risk management solution, has found.

The research surveyed over 500 fraud victims over 65 in the UK to uncover the most common scam types, the ways fraudsters operated to trick their targets and the impact it had. Purchase scams significantly trump investment scams (15%) and romance scams (4%) revealing the severity of how prevalent these scams are.

https://ifamagazine.com/scammers-are-out-for-elder-adults/

In this current economic climate, litigation is on the rise as market pressure results in contract fallout and the rise of fraud.

Over 2024, the English High Court diary is busy with these type of cases, however, it is also filled with cases over alleged confidential leaks, missing aircraft in Russia and the alleged negligence of a Big Four accountancy firm.

https://www.cityam.com/see-you-in-court-keep-an-eye-out-for-the-most-interesting-cases-in-2024/

Experts from Love The Sales have shared their advise on how to avoid falling for scams during Boxing Day and January sales.

A large part of Christmas preparations is doing your shopping, whether it be groceries for the big day or snapping up those last minute presents. As Black Friday and Cyber Monday ended the November savings, the next round of sales are here.

https://www.kentlive.news/whats-on/shopping/experts-boxing-day-sale-scams-8991262

Zelle is one of the most famous platforms to quickly send money to loved ones, friends, and family. However, now cybercriminals are taking advantage of it to get people’s account information.

Using clever tactics to fool clients, fraudsters are now taking advantage of the existence of Zelle to get customers to give them their account information. Once the person does, they quickly proceed to transfer the funds through this person-to-person platform.

The insurance industry, like others, had a challenging 2023. While a hard market and rising premiums helped insurers, the sector also had to battle the spiralling cost of claims driven partly by inflation.

So what trends could shape the insurance industry in the new year?

https://www.cityam.com/what-lies-ahead-for-the-insurance-industry-in-2024/

Scam victims have recovered more than £1 million after Nottinghamshire Police’s fraud and cyber teams helped them get their money back.

Forty-five victims have been reimbursed this year after Protect officers helped them submit claims to their banks, which have a duty of care to protect customers from fraud and cybercrime.

https://westbridgfordwire.com/rushcliffe-victim-of-romance-fraud-among-those-helped-by-police-who-recover-1-million/

A fraudster has been jailed for his role in an organised scam which saw public donations worth thousands of pounds stolen from Britain's most loved charities.

Stephen Chesterman, of Eversley Road, Benfleet, admitted to one count of conspiracy to commit fraud by false representation after going out collecting donations for the public under the guise this money would go to Great Ormond Street Hospital (GOSH).

https://uk.news.yahoo.com/fraudster-jailed-role-gang-stole-175618238.html/

The financier behind a collapsed chain of London seafood restaurants has been sentenced to six years in prison in an Italian fraud trial that has rocked the Vatican.

Gianluigi Torzi, the man responsible for the Seasons chain of fish restaurants, was sentenced alongside Cardinal Angelo Becciu, the most senior Catholic Church official ever to stand trial before a Vatican criminal court. Becciu was jailed for five and a half years.

https://www.cityam.com/financier-of-london-restaurants-jailed-after-italian-fraud-trial/

Billed as a “game-changer” and providing a significant change in gear in the UK’s fight against corporate crime since the Bribery Act 2010, the Economic Crime and Corporate Transparency Act 2023 received Royal Assent on 26 October 2023.

The Act represents a marked shift in how law enforcement bodies will deal with the scourge of fraud. Although the Act will strengthen anti-money laundering powers and reform Companies House, it is the approach to corporate criminal liability and its amending of the ‘directing mind and will’ test that has many querying how it will affect their businesses.

https://kennedyslaw.com/en/thought-leadership/article/2023/failure-to-prevent-insurance-fraud-is-now-a-crime/

EU rules set to transform VAT fraud detection in e-commerce come into effect from 1 January 2024.

From 1 January 2024, payment service providers (PSPs) offering payment services in the EU will be required to monitor the payees of cross-border payments. PSPs will be required to provide to the tax administrations in member states information of any business that receives more than 25 cross-border payments per quarter.