The scale of fraud in England and Wales continues to rapidly increase and is predicted to increase between 25% – 65% over the next four to five years.
With the monetary cost of fraud on a steep incline, the House of Lords and the Digital Fraud Committee, following a lengthy enquiry in November 2022, published its report ‘Fighting Fraud: Breaking the Chain’. The report discusses the problem that is costing the economy billions every year in the context of an increasingly digital world and an upsurge in authorised push payment (“APP”) fraud. Recommendations include imposing delays to high-risk payments, a new cabinet-level subcommittee to tackle fraud and a new corporate criminal offence of a failure to prevent fraud.
As we await the Government’s response to the Report’s recommendations, this report analyses the key recommendations in the HoL Report, what we would like to see in 2023 and our practical tips to protect your business against common fraud risks. We have summarised our practical tips in this short flyer as a helpful takeaway.
Trowers & Hamlins works with its clients together with our trusted partners, such as cyber security companies and funders, in ensuring their businesses have assessed and accounted for the above risks as well as supporting them through the aftermath of when a fraudulent incident is discovered. Please do get in touch should you have any queries on the implications of the Report on your organisation or want to know more about how we can help stress-test and improve your businesses’ armoury.
The article was first published here.
Photo by Lindsey LaMont on Unsplash.
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