Claire Graham, partner at TLT and chair of the North West Fraud Forum, discusses why networking and knowledge sharing is crucial to dealing with fraud.

https://www.insidermedia.com/blogs/north-west/why-networking-and-knowledge-sharing-is-the-key-to-tackling-fraud

The police-backed North West Fraud Forum (NWFF) is calling on businesses across the region to work together to combat the increasing risk of business fraud.

https://www.business-live.co.uk/special-features/businesses-need-work-together-fraud-26749485

This animation shows an example of a mandate fraud targeting an NHS organisation which is stopped thanks to the quick thinking of a member of the finance team.

https://www.youtube.com/watch?v=cC_YHrWg374

Victims who have lost    thousands of pounds in a cruel scam that sees fraudsters impersonate their bank have slammed Revolut for their response. 

https://www.thisismoney.co.uk/money/article-11927943/More-fraud-victims-speak-trendy-e-money-app-Revolut-refused-refunds.html

Today (21 November 2022) the Security Minister chaired a session of the Joint Fraud Taskforce and welcomed a new victim checklist created by the banking industry.

https://www.gov.uk/government/news/security-minister-welcomes-new-support-for-fraud-victims

A more joined-up approach is needed across the banking industry and other sectors to “break the spell” of scammers, according to Santander UK. It said all banks and payment service providers should follow a specific set of rules to help prevent frauds where people are tricked into transferring cash to criminals.

https://uk.finance.yahoo.com/news/santander-seeks-more-banking-checks-230100269.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr

One in four UK adults aged 40 and over would consider accessing their pension early to pay for the cost of living, research reveals.

The regulator, the Financial Conduct Authority (FCA) is warning that pension holders are becoming vulnerable to ‘misdirection’ scams in light of the cost-of-living crisis.

It said 44% of savers admitted they would take up the offer of a free pension review. But this is a classic distraction technique used by criminals to con them into parting with their life savings.

https://www.yourmoney.com/retirement/fca-issues-scam-warning-as-savers-consider-accessing-pensions-early/

Organisations lose an estimated 5% of their revenue to fraud every year, according to the Association of Certified Fraud Examiners (ACFE).

Widespread global disruption caused by the COVID-19 and its aftermath, as well as rising inflation, political tension, and socioeconomic unrest have created an ideal environment for all elements of the fraud triangle (motivation, opportunity, and rationalisation) to thrive. However, internal audit teams can play an important role in protecting their organisations by driving a culture of fraud awareness and prevention.

Fraud Is on the Rise: Step up to the Challenge, a joint report from the Chartered Institute of Internal Auditors (CIIA) and AuditBoard, outlines the increasing threat of fraud and key actions that auditors, executive leadership, and boards can take to fight it

https://www.icaew.com/insights/sponsored-content/fraud-on-the-rise-what-you-can-do/access-the-article/fraud-on-the-rise-what-you-can-do