Counter-fraud

The bosses of London-listed firms are facing tougher scrutiny on fraud and financial reporting from 2025 after Britain’s corporate governance watchdog proposed a slew of reforms today.

https://www.cityam.com/london-listed-firms-face-tougher-fraud-rules-as-watchdog-prepares-clampdown/

An alliance of banks, tech companies and telecoms groups are set to pilot a new scheme to collect information on scammers as attempts to tackle the UK’s fraud epidemic step up a notch.

The new group, Stop Scams UK, has members including the UK’s largest incumbent banks, challenger banks, telecoms providers and big tech firms. The alliance will collect information on scammers using phone numbers and email addresses provided by its members.

The government's recently announced fraud strategy was desperately needed to set out a structured approach to combatting fraud in the UK.

https://www.ftadviser.com/opinion/2023/05/23/govt-fraud-strategy-must-be-flexible-to-get-ahead-of-scammers/

Criminals are getting smarter at targeting victims to gain access to banking apps on mobile phones, a senior UK fraud officer has said.

Detective Superintendent John Roch says the technology behind the apps is secure but criminals are getting better at exploiting human behaviour.

Invoice and CEO scams remain some of the main financial fraud risks businesses face, despite a drop in overall fraud losses in 2022 compared to the previous year, according to a report by UK Finance.

https://www.pinsentmasons.com/en-gb/out-law/news/uk-finance-report-shows-persisting-risk-invoice-ceo-fraud-businesses

Police-backed North West Fraud Forum asks businesses to collaborate in the fight against fraud, as new figures reveal increased losses in the region over the past year.

https://www.icaew.com/insights/viewpoints-on-the-news/2023/may-2023/businesses-urged-to-unite-as-fraud-cases-rise-25-in-a-year

The UK government is beginning a review of whistleblowing law. Nicola Sharp of Rahman Ravelli outlines the current legal protections - and possible future ones - for those who report workplace wrongdoing.

https://www.rahmanravelli.co.uk/articles/whistleblower-protections-in-the-uk/

Tide, a UK financial business platform with more than 500,000 SMEs, has urged the government to establish a new anti-fraud tax to fund and train more police officers to combat the rising fraud epidemic in Britain.

https://thefintechtimes.com/tide-urges-government-to-introduce-anti-fraud-tax-to-combat-rising-scams/

Jonathan Newman, senior partner at Brightstone Law, and Christopher Taylor, corporate development director at Westcor International, discuss the startling increase in fraud cases they have encountered in recent months and why lenders need to be alert to this trend.

https://www.mortgagefinancegazette.com/uncategorised/head-to-head-getting-to-grips-with-escalating-levels-of-fraud-09-05-2023/

The government has unveiled a raft of anti-fraud measures designed to tackle the £7bn scammers cost the UK each year.

https://www.ftadviser.com/investments/2023/05/03/govt-launches-anti-fraud-strategy/