The Crime Survey for England and Wales (CSEW) now includes figures on fraud crimes.  The latest report published showed there were 3.6 million fraud and 2.0 million computer misuse offences for this first full year in which such questions have been included in the CSEW.

Data on frauds referred to the police showed an annual rise of 3%. The majority of financial fraud is unreported to the police but other industry data on financial fraud showed there were 1.9 million cases of frauds on UK-issued cards (an increase of 39% from the previous year).

John Flatley, from the Office for National Statistics, said: “In the past, burglary and theft of vehicles were the high-volume crimes driving trends but their numbers have fallen substantially since then.

“When the crime survey started [35 years ago], fraud was not considered a significant threat and the internet had yet to be invented.

“Today’s figures demonstrate how crime has changed, with fraud now the most commonly experienced offence.”

Personal Fraud

Victims of online fraud are often targeted by criminals based overseas who use a variety of sophisticated techniques to gain access their bank accounts or credit card details. Many of these victims are elderly or vulnerable who are conned by phishing scams in which they are persuaded to hand over passwords and bank account details. However, anyone who uses computers to bank, shop or even communicates with friends could be a target – almost ten percent of the adult population reports having been a victim of some form of cyber-crime.

Corporate Fraud

Tommy Helsby, co-chairman, Kroll Investigations & Disputes, says: “This year’s Kroll Global Fraud and Risk Report shows that it’s becoming an increasingly risky world, with the largest ever proportion of companies reporting fraud and similarly high levels of cyber and security breaches. The impact of such incidents is significant, with punitive effects on company revenues, business continuity, corporate reputation, customer satisfaction, and employee morale.

“With fraud, cyber and security incidents becoming the new normal for companies all over the world, it’s clear that organisations need to have systemic processes in place to prevent, detect, and respond to these risks if they are to avoid reputational and financial damage.”

According to their research the most common perpetrators of fraud, cyber, and security incidents over the past 12 months were current and former employees.

Fraud is a crime that threatens both an organisation’s profits and its reputation. These threats are increasing so that it is vital that fraud risks are managed effectively. Is your organisation doing all it needs to in order to safeguard against such risks?

How we can help

Quorum Training has a Fraud Prevention and Detection – How to Manage the Risks course which is run either as a public course or in-house.  This is an ideal topic to run in-house as it enables you to involve all relevant individuals across all parts of the organisation who will learn about the various types of fraud and the modern threat landscape. They will also be made aware of the motives and behaviours of fraudsters to be able to spot behavioural red flags. A key part of developing an effective fraud risk management framework is awareness of controls that work in practice and delegates will be taken through the key preventative measures and detective techniques to fight fraud.  The course is highly interactive throughout, with practical tips, case studies and lessons learned from a review of recent cases.  You will also be able to discuss scenarios and situations that are particularly relevant in a confidential environment.

The course is presented by Steve Giles, who is a recognised expert in all matters relating to compliance, risk and governance.

 

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