Counter-fraud

Sussex volunteers who help fraud victims were voted as runners-up for a national award.

The volunteers, who are part of the Sussex Volunteer Fraud Prevention Programme set up by Police Constable Bernadette Lawrie BEM, came second place at the national Lord Ferrers Awards in October last year.

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.

The symbol 'i' meaning find information

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

In 2023, two events in the regulatory world were of particular note. The first, in August 2023, concerned the largest-ever money laundering investigation in Singapore, where the Singapore authorities arrested 10 individuals and seized over $2.1bn of assets in the city-state. The second followed in November 2023, when the US Department of Justice announced that a fine of $4.3bn had been levied on cryptocurrency exchange Binance for its failure to comply with relevant regulations.

https://www.financierworldwide.com/whistleblower-programmes-the-why-and-the-how

When it comes to preventing corporate fraud and corruption, it is important to move on from ‘old-fashioned’ perspectives and techniques. Using the full range of available anti-fraud tools will be an important factor in designing an effective compliance programme, but this article will make the case for the often-overlooked ‘je ne sais quoi’ of what makes a compliance programme truly effective in preventing corporate fraud and corruption. Supporting and bringing focus on values and corporate culture is equally, if not more, important than any modern tool in reducing the risk of corporate fraud and corruption.

https://www.financierworldwide.com/the-je-ne-sais-quoi-of-preventing-corporate-fraud

People with a learning disability may be miss subtle warning signs of social engineering tactics criminals use, campaign warns.

A new “easy read” guide to help people with learning disabilities spot the signs of scams has been launched.

Mencap and UK Finance’s Take Five to Stop Fraud campaign has launched the guide to give people accessible advice on crimes such as romance and impersonation scams.

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/

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.

Plans for a new government information campaign to tackle the explosion in online fraud have sparked divisions among major banks over concerns about its cost and potentially conflicting public messages.

https://uk.news.yahoo.com/government-fraud-campaign-plan-sparks-133600274.html/

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?

Fraud is an ever-present danger in the modern world but in the run-up to Christmas, scammers come out in droves to exploit the gift-giving frenzy and emotions that come with the festive period.

The Financial Conduct Authority (FCA) warned earlier this month scammers will be looking to exploit the financial stress of Christmas.