The Proceeds of Crime Act (POCA) lets UK authorities seize the profits of fraud, but data shows it was used only twice in 3 years.
Figures from police and prosecutors help to explain why the UK has a serious problem with telco fraud.
Telcos are starting to provide free services to better compete with OTT providers and retain market share. But have they considered that free services still generate fraud leaks?
The Risk & Assurance Group has been busy encouraging the prevention of fraud. Two prominent British anti-fraud organizations were invited to reach out to members.
Telcos may never eliminate bribery and corruption, but they will not pay such huge fines if they take simple steps to discourage unethical behavior.
Criminals who exploit mistakes made by telcos can still be guilty of a crime.
The UK could set a global precedent by using the Proceeds of Crime Act to confiscate money made from telecoms fraud, but only if telcos show their support.
Transit traffic for sales tax fraud has moved from the UK to Spain and Italy because of changes made by the UK tax authority.
We can stop fraud by using the law to confiscate proceeds. Join our campaign to make full use of the UK Proceeds of Crime Act (POCA) and set a precedent that other nations could follow.
Some may fear the impact artificial intelligence will have on fraud management jobs, but AI will become so widespread that fraudsters will also be using it.