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.
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).
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.