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Fraud attempts on the rise in financial services sector
Recently released figures from Experian have revealed a sharp rise in the number of detected and prevented fraud attempts for financial services products in the second half of 2013. According to Experian’s latest Fraud Index, the overall level of detected and prevented fraud attempts rose by 18% in 2013 across… Read more ...Government announces delay to its plans for corroboration
The Scottish Government has announced a delay in its plans to abolish the requirement for corroboration in criminal cases. The delay is to allow time for Lord Bonomy to conduct his review into what additional safeguards may be required in the criminal justice system if the requirement for corroboration is… Read more ...New criminal offence for tax evaders
Plans to introduce a new strict liability criminal offence for individuals who hide their money offshore are to be published for consultation by the Government. Under the plans, HM Revenue & Customs (HMRC) would no longer need to prove that individuals who have undeclared income offshore intended to evade tax… Read more ...Rise in incidence of employee fraud
Cases of fraud committed inside an organisation by its employees rose by 18% in 2013 compared with 2012, according to the latest report from CIFAS – the UK's Fraud Prevention Service. The 18% increase in insider fraud was driven by numerous factors including: A 71% increase in unsuccessful fraudulent… Read more ...Identity crime makes up large proportion of frauds
New data from CIFAS reveals that six out of every ten frauds recorded on its database in 2013 were dependent on the abuse of identity details. The Fraud Prevention Service also says that the use of fictitious identities or the abuse of identity details to obtain a product or service in the… Read more ...Company fined for anti-bribery and corruption systems failings
Earlier this month, the Financial Conduct Authority (FCA) fined Besso Limited £315,000 for a failure to take reasonable care to establish and maintain effective systems and controls for countering the risks of bribery and corruption. The FCA found that Besso, a general insurance broker, operated a weak control environment surrounding… Read more ...European Investigation Order directive
In a move aimed at improving judicial cooperation in the EU so that investigations can proceed more quickly and efficiently, the Council has now adopted a directive regarding the European Investigation Order (EIO) in criminal matters. The goal of the directive is to allow member states to carry out investigative… Read more ...Economic crime against financial firms increases
Economic crime against financial services organisations continues to rise around the world, according to recent research by PwC. The advisory firm’s 2014 Global Economic Crime Survey reveals that 45% of financial services respondents say they have been victims of economic crime. The survey, which includes 1,330 responses from the financial… Read more ...London money launderer jailed
In an interesting money laundering case from England, a man has been found guilty of laundering the proceeds from a £5.3 million alcohol smuggling plot and jailed for five and a half years. Piotr Terpilowski was arrested in August 2011 on suspicion of money laundering offences when officers seized a… Read more ...More From Our News Archive
- Cybercrime Tops List of Fraud Concerns
- Week of Police Action on Uninsured Driving
- Convicted Sex Offender Wins Sentencing Appeal
- Tougher penalties mooted for cybercrime
- MEPs approve new law on access to a lawyer
- Harsh, but Legal
- Fall in number of homicides
- Suing beyond the grave – could this set a dangerous precedent?
