The Financial Ombudsman Service received 21,918 fraud and scam complaints in the 2022/23 financial year.

This was up by almost a fifth (18 per cent) when compared to the 18,450 complaints it received in 2021/22.

 The number comes out of a study conducted by Juniper Research. On top of the predicted £284.9bn global merchant losses between now and 2028, the report predicts that £71.6bn will be lost in 2028 alone.

https://www.digit.fyi/online-payment-fraud-to-hit-284-9bn-in-predicted-losses-by-2028/

 Businesses and their legal, compliance and HR teams should use World Whistleblowers Day on Friday 23 June as the spur to review the effectiveness of their organisation’s ‘speak-up’ and reporting mechanisms, according to experts at Pinsent Masons.

https://www.pinsentmasons.com/out-law/news/world-whistleblowers-day-review-speak-up-reporting-mechanisms

Tampa, Florida – United States Attorney Roger Handberg announces the successful extraditions of Akinola Taylor of the United Kingdom, Olayemi Adafin of the United Kingdom, Olakunle Oyebanjo of the United Kingdom, and Kazeem Olanrewaju Runsewe of Sweden. These individuals have been charged in the Middle District of Florida with conspiracy to commit wire fraud, filing false claims with the United States, theft of public money or property, and aggravated identity theft. Taylor, Adafin, and Runsewe were arrested on November 30, 2022, and Oyebanjo was arrested on December 2, 2022. Taylor, Adafin, and Oyebanjo were apprehended in London, United Kingdom at the request of the United States, and Runswewe was apprehended in Malmo, Sweden at the request of the United States. In connection with the arrests, foreign authorities conducted searches of the residences of Taylor and Runsewe. These individuals first appeared in the Middle District of Florida in May and June 2023. Another related defendant, Ogunlana Oluwarotimi of Texas, was arrested in Texas in January 2023 and is currently pending trial.

https://www.justice.gov/usao-mdfl/pr/four-nigerian-nationals-extradited-united-states-face-charges-wire-fraud-and-identity

 HUNDREDS of businesses fined a total of £3.2 million for breaching anti-money laundering rules have been named by HM Revenue and Customs (HMRC).

The 240 supervised businesses named today were fined between 1 July and 31 December 2022 by HMRC for breaching Money Laundering Regulations aimed at preventing criminals from exploiting illicit cash.

https://www.yourthurrock.com/2023/06/25/hundreds-of-businesses-fined-a-total-of-3-2-million-for-breaching-anti-money-laundering-rules/

 Recruitment fraud is usually done through emails, social media, messaging apps, fake websites, or other similar means. Individuals or groups might pretend to represent, or pretend to act on behalf of Petrofac to obtain financial gain - be it money or recently even virtual currency.

https://www.petrofac.com/careers/recruitment-fraud/

 LONDON (Reuters) - British banks are gearing up to share more data with their peers on suspected serious economic crime as part of wider efforts to stem dirty money flows into the country from Russia and elsewhere, four sources with knowledge of the matter told Reuters.

https://uk.investing.com/news/stock-market-news/uk-banks-to-ramp-up-data-sharing-in-dirty-money-crackdown-3059886

Opportunistic insurance fraud cases, such as exaggerated claims and false application information, saw a 61% year-on-year increase in the March 2022 to April 2023 period, according to the City of London Police’s Insurance Fraud Enforcement Department (IFED).

https://www.insurancebusinessmag.com/uk/news/claims/opportunistic-insurance-fraud-cases-up-61-449842.aspx

 The work of Trading Standards holds businesses, individuals and manufacturers accountable for the goods and services they offer.

Martin Evans, 48, of Penperlleni, Monmouthshire was sentenced at Cardiff Crown Court to 45 months imprisonment for seven offences under the Fraud Act 2006; and 12 months imprisonment for one offence under the Consumer Protection from Unfair Trading Regulations 2008. The sentences are to run concurrently. He was taken into custody immediately and will serve half his sentence before being considered eligible for parole.

https://www.abergavennychronicle.com/news/trading-standards-case-sees-penperlleni-man-jailed-for-fraud-622548

With the increased sophistication in fraudulent practices and especially with high value transactions, it is even more important to not only be sure you know who is party to that transaction but to also have a digital forensic trail to support and verify this.

https://www.legalfutures.co.uk/associate-news/how-a-digital-forensic-trail-can-help-reduce-fraud-when-completing-high-value-transactions