RAG Supports Fraud Awareness

As we near the end of International Fraud Awareness Week, supported by the Association of Certified Fraud Examiners (ACFE), it is worth reflecting on how the Risk & Assurance Group (RAG) promoted anti-fraud activities during its Winter meeting.

Cifas

Mike Haley, the Deputy Chief Executive of the UK Credit Industry Fraud Avoidance Scheme (Cifas) spoke to RAG about the valuable insights he has gained on the opportunities for cross-industry collaboration and the need to share data in order to prevent fraud in the telecoms and banking sectors. He also provided some key statistics:

  • 66 percent of all frauds are online
  • 86 percent of internet frauds are identity fraud

Cifas also runs public awareness campaigns like Take Five to Stop Fraud (logo pictured above).

Action Fraud

Detective Sergeant Nick Kemsley of Action Fraud explained the relationship between the various UK national fraud agencies and explained the process, and advantages, of reporting fraud cases to the National Fraud Investigation Bureau. He also presented details of a UK VoIP fraud which resulted in awards of GBP 700k (USD 880k) under the Proceeds of Crime Act (POCA) and reported success in making arrests and securing funds from a recent fraudulent bank transfer which moved stolen money to UK accounts. More information on reporting to Action Fraud and advice on specific fraud types is available here.

David Morrow
David Morrow

Dave has 35 years of law enforcement, investigation and fraud management experience including multiple international assignments. He is a recognised telecoms fraud expert and for a number of years chaired the GSMA workgroup responsible for Security & Fraud Risk Assessments.

 

Dave now provides fraud management support as an independent consultant.