The Public Sector Fraud Authority has claimed to have surpassed its target for saving money for taxpayers over its first year in operation.

It has reported savings of £311 million compared with a target of £180 million when it was launched in August of last year, attributing the success to the use of AI and data analytics, the comparison of datasets from more than 1,000 public bodies, and the use of counter fraud flags.

https://www.ukauthority.com/articles/counter-fraud-authority-surpasses-savings-target/

Barring any last-minute hold-ups, the online safety bill will have become, or will be waiting to become, the Online Safety Act by the time you read my words here. The legislation has had a difficult gestation.

https://www.ftadviser.com/opinion/2023/09/25/online-safety-bill-finally-signed-off-but-the-hard-work-is-just-beginning/

A review launched by the UK Financial Conduct Authority (FCA) has underlined how “critical” financial services firms' sanctions systems and controls are for preventing financial crime, according to legal and forensic accounting experts.

https://www.pinsentmasons.com/en-gb/out-law/news/fca-tells-uk-firms-to-bolster-financial-crime-and-sanctions-controls

As the pandemic’s aftershocks reverberate through the financial ecosystem, insolvency law specialists are bracing for an overwhelming influx of fraud-based legal cases.

The pandemic required the government to provide fast and extensive support to keep businesses and individuals afloat. However, when schemes are created and implemented at such a pace, they may not be completely airtight from exploitative or fraudulent behaviour.

https://www.scotsman.com/news/opinion/columnists/covid-fraud-aftershocks-continue-to-reverberate-alan-munro-4345131

There are many different types of cryptocurrency and investment scams. They can be very convincing, and anyone can be caught out.

Here’s our guide on what these scams generally look like, how to protect against them and what to do if you’re a victim.

https://www.admiral.com/magazine/guides/loans/investment-and-cryptocurrency-scams

New research from London IT support provider Amazing Support reveals that the UK has lost a total of £1.6Bn to fraud and cyber-related crime since the start of the year.

Analysing data drawn from Action Fraud’s website, figures show that from a total of 240,067 reports made, 212,343 of these have come from the UK’s general public, amounting to losses of £1.2Bn. Meanwhile, UK businesses have lost up to £395.3M from a total 26,663 reported cases, while further loss of £4.5M has been reported from 1,061 cases of unknown origin.

https://ifamagazine.com/the-uk-has-lost-1-6bn-to-fraudsters-and-cyber-criminals-this-year/

A report by the Social Market Foundation (SMF) has revealed almost 60 per cent of people believe tech giants should share responsibility in refunding fraud victims.

Sponsored by Nationwide Building Society, the findings analysed the impact of fraud on victims, revealing the “fraudemic” crime spree sees one in ten targeted.

https://www.holyrood.com/news/view,fraudemic-affecting-one-in-ten-people-poll-finds

The government has already had to foot a £7.4bn bill to settle bad loans with banks claiming a further £1.13bn, amid an “uncomfortable” level of fraud.

With £2.23bn more in arrears and £750m in default, taxpayers could be on the hook for total of £11.5bn from Covid-era loans, according to figures from the Department of Business, Energy and Industrial Strategy.

In this article, Arun Chauhan, fraud specialist and founder of multi-award winning disputes and compliance law firm Tenet delves into the connection between fraud prevention, the fabric of corporate culture, and the pivotal role of leadership, revealing that engaged employees aren’t just a defence against fraud, they’re the driving force behind a culture of ethics and a roadmap to unshakeable success.

https://www.thebusinessdesk.com/westmidlands/news/2077752-beyond-the-red-flags

MPs have voted to back a narrower new offence of ‘failure to prevent’ fraud than proposed by UK peers, and to reject calls for a separate new offence of ‘failure to prevent’ money laundering to be added to the UK statute book.

https://www.pinsentmasons.com/out-law/news/plans-broad-failure-prevent-fraud-offence-rejected-by-uk-mps