Tag Archives: Economic Crime

Tackling Economic Crime Awards 2019: Call for Nominations

Entries are now open for the inaugural Tackling Economic Crime Awards (TECAs) organised by the World Excellence Awards team who also run the Outstanding Security Performance Awards (OSPAs).

The TECAs are independent and designed to acknowledge companies, initiatives, individuals and teams who have made an outstanding contribution to tackling economic crime, including any area of fraud, money laundering, bribery and corruption.

The awards are free to enter and open to anyone working in the UK and operating in the public, private or third sectors. 


Commenting on the TECAs, founder Professor Martin Gill CSyP said: “These awards are different. Judges are nominated by fraud specialist associations and groups and all of the leading ones are involved. The Judges mark to an ethics policy and there’s an ethical sponsorship policy in place, too.”   

The entry process is open until 1 August 2019. Nominations are now invited in the following categories:

* Outstanding Manager or Director

* Outstanding Team

* Outstanding Customer Service Initiative

* Outstanding Training Initiative

* Outstanding New Product

* Outstanding Training Initiative

* Outstanding Partnership

* Outstanding Investigator

* Outstanding Policing Initiative

* Outstanding Young Professional

* Outstanding Cyber Company

* Outstanding Female Professional

* Outstanding Prevention Initiative

* Lifetime Achievement Award 

Winners of the TECAs will be announced at a prestigious Awards Ceremony to be held on Monday 9 December at the Sheraton Grand Hotel on London’s Park Lane.

*Information on the nomination criteria and how to enter can be accessed online at www.thetecas.com

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FALCON will be “an important addition to the national economic crime prevention capability”

City of London Police Commissioner Adrian Leppard has welcomed the Metropolitan Police Service’s announcement concerning the creation of a new fraud and cyber crime team dedicated to protecting Londoners vulnerable to the threat of economic criminality.

Metropolitan Police Service Commissioner Sir Bernard Hogan-Howe QPM officially launched FALCON – Fraud and Linked Crime Online – at the QEII Conference Centre in London’s Westminster. The new team will consist of up to 500 officers dedicated to tackling cyber crime, acquisitive crime with an online aspect and fraud that does not have an online element attached to it.

The overall aim is to create a new operating model for the investigation and prevention of fraud and cyber crime in London that will deliver seven key services. These are as follows:

(1) Volume and cyber-enabled investigations
A centralised capability that will remove the onus of investigation of fraud and cyber-enabled acquisitive crime from local policing Boroughs and provide a consistent approach towards investigations

(2) Complex and proactive fraud investigations
A centralised investigations service that proactively targets individual criminals and organised crime groups causing the most harm to individuals and businesses

(3) Pure cyber investigations
An increased capacity to undertake proactive and reactive investigations in response to intelligence or referral (from the national body)

(4) Problem solving, prevention and industry liaison
A capacity to work in partnership alongside businesses with a common purpose of preventing fraud and cyber-enabled fraud. This will enable the Metropolitan Police Service to link more regularly and effectively with business forums and, in turn, encourage the reporting of crime

(5) Victim care
Provision of a service to ensure that all London-based crime victims are recorded and contacted. This will enable the gathering of intelligence to improve future investigative outcomes and also identify enablers designed to support ongoing prevention and enforcement activity

(6) Performance, training and marketing
To provide accurate performance and information to internal and external stakeholders with data relating to both threats and trends

(7) Intelligence
The creation of a fraud and cyber crime intelligence capability

Sir Bernard Hogan-Howe: Commissioner of the Metropolitan Police Service

Sir Bernard Hogan-Howe: Commissioner of the Metropolitan Police Service

In summary, Project FALCON is being developed in response to the significant growth in cyber-enabled acquisitive crime. Borough-based police officers will continue to be responsible for investigating cyber crimes involving malicious communications, harassment or cyber stalking.

Speaking at the launch event, Metropolitan Police Service Commissioner Sir Bernard Hogan-Howe QPM explained: “FALCON sees a more focused and joined-up approach by the Met, the business sector and other law enforcement agencies to ensure that we’re protecting the public, designing out crime and arresting the culprits. We will be more powerful if the three of us can work together – the police, the public and businesses.”

Cyber crime challenges faced by Londoners

As the national policing lead for economic crime with responsibility for the National Fraud Intelligence Bureau (NFIB) and Action Fraud, the City of London Police has been an active supporter of the Met in addressing the fraud and cyber crime challenges faced by Londoners.

Those challenges are evidenced by the high proportion of reported economic crime assessed by the NFIB that results in disseminations to the Met for consideration of London-based investigations.

City of London Police Commissioner Adrian Leppard said: “I welcome the creation of FALCON and the priority this type of crime is being given by the Metropolitan Police Commissioner and the London Mayor’s Office. These London-based teams will be an important addition to the national capability being developed by the City of London Police, the National Crime Agency and police forces across the rest of the country.”

City of London Police Commissioner Adrian Leppard

City of London Police Commissioner Adrian Leppard

Karen Bradley, Minister for Modern Slavery and Organised Crime, added: “The threat from cyber crime is ranked as ‘Major’ in our National Security Strategy and the Government is investing £860 million over five years to tackle this issue. We’re also increasing knowledge throughout local police forces with specialist training. I’m very pleased to see the Metropolitan Police Service’s commitment to dealing with fraud and cyber crime, and I look forward to hearing about the vital contribution FALCON will make to this work.”

*Further detail is available in a Metropolitan Police Service Briefing Note on Cyber Crime. Access: http://www.met.police.uk/docs/cyber-crime.pdf

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London Mayor’s Office for Policing and Crime launches new Business Crime Strategy

The London Mayor’s Office for Policing and Crime (MOPAC) has launched a new 48-page Business Crime Strategy designed specifically to help protect London-based companies from acts of criminality.

The crime threat in the UK is changing. Criminals are becoming more sophisticated and more crime has moved off the streets and into the online world. MOPAC’s Business Crime Strategy – endorsed by the Metropolitan Police Service, the National Crime Agency and the City of London Police – outlines how each provider will build their capability to tackle fraud and economic crimes.

This is the first strategy of its kind. It represents a ‘Call to Arms’ for the police, businesses, local authorities and others to work together to build confidence and prevent and cut business crime. More than this, it sets out clear, deliverable plans to achieve end goals, with commitments from MOPAC and law enforcement alongside a challenge to businesses themselves.

Read the document in full

London's Mayor Boris Johnson: tackling crime in the capital

London’s Mayor Boris Johnson: tackling crime in the capital

On the Business Crime Strategy, Stephen Head (Commander and National Police Co-ordinator for Economic Crime at the City of London Police) said: “The threat from fraud, particularly cyber-enabled fraud, continues to grow and every section of society is now at risk. It’s therefore increasingly important that the police and businesses work even more closely together to counter this threat. The collaborative approach advocated by MOPAC and highlighted in this strategy is absolutely right if we’re to be successful in continuing to meet this challenge.”

He continued: “As the National Policing Lead for Fraud, the City of London Police will continue to work with MOPAC and others to ensure that London remains one of the safest and most business-friendly cities in the world, with a policing approach that’s fit and appropriate for tackling 21st Century crimes.”

Affording context to the Business Crime Strategy

Further to this, the following information is designed to give context to information included in the Business Crime Strategy…

Since taking responsibility for Action Fraud in April this year, the City of London Police has instigated a programme of work designed to offer an enhanced service for the victims of fraud and cyber crime. Since the end of May 2014, all victims who report to Action Fraud now receive a written update on the status of their report after 28 days, if not before. Action Fraud also provides expert advice and guidance to concerned individuals or businesses.

Action Fraud and the National Fraud Intelligence Bureau (NFIB), hosted and run by the City of London Police, is funded by Government to receive reports of fraud and cyber crimes from individuals, SMEs and large corporations. Outside Action Fraud, it also accepts reports of business fraud through a number of organisations including the UK Payments Council and CIFAS.

The combined Action Fraud and NFIB services do not investigate reported crimes of itself. The NFIB uses cutting-edge technology to automatically identify links between crimes and, in quick time, develops and disseminates crime packages for investigation by UK law enforcement agencies. It also proactively disrupts criminality and enriches the UK fraud and cyber threat picture.

During the 2013-2014 financial year, of the totality of fraud and cyber crimes reported into the NFIB no less than 53,556 packages were identified as having viable lines of enquiry and disseminated to UK law enforcement for investigation or intelligence purposes. In the same time period, some 118,000 additional crimes were targeted for disruption while over 805 alerts were disseminated for prevention purposes.

As the MOPAC Business Crime Strategy demonstrates, CIFAS reports on fraud against businesses. These reports often add value to the thousands of Action Fraud packages disseminated for investigation by UK law enforcement.

It’s important to note that police forces accept crimes for investigation based on the availability of viable lines of enquiry. In the past, forces have prioritised Action Fraud reports over CIFAS because of the quality of the data. However, the NFIB is working with forces and CIFAS to improve the quality of all data to create more opportunities for UK law enforcement to accept and investigate reports.

Informing Government and UK law enforcement

Action Fraud and the NFIB use the large number of reported fraud and cyber crimes to help inform Government and UK law enforcement about the scale of the threat that exists at a local, regional and national level in order to help drive their response to the benefit of victims. This has resulted in some police forces committing considerable additional resources to address these emerging threats.

For example, the Metropolitan Police Service is adding further capability to accept fraud and cyber crime packages for investigation which will then provide an enhanced service to victims.

The City of London Police proactively aims to improve the policing response to fraud and cyber crime and ensure that all business victims receive an efficient and effective service, particularly as reporting continues to increase. For instance, the force is creating a system whereby businesses can easily report multiple instances of fraud and cyber crime to Action Fraud.

Additionally, the force plays host to a number of fraud teams and specialist units that service business victims of fraud and cyber crime including the insurance industry, the credit and payment industry and intellectual property rights holders. ​​​​​

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PwC Global Economic Crime Survey 2014: ‘Staff frauds on the rise’

PwC’s Global Economic Crime Survey 2014 states that the number of frauds committed by staff as opposed to those outside of an organisation has risen from 34% in 2011 to 41% in 2013.

The survey also shows that the profile of the typical fraudster is changing. Previous surveys found that middle management were often behind economic crimes. Now, the findings reveal that most economic crimes carried out by someone inside an organisation are by junior members of staff.

According to the survey of over 5,000 businesses (including nearly 400 from the UK), internal fraudsters are most likely to have been with a company less than five years.

Ian Elliott, PwC’s forensic services partner and author of the new report, commented: “Our survey shows the changing face of white collar crime in Britain today. More and more companies are feeling the pain as economic crime continues, despite ongoing attempts to tackle it. Organisations need to be ever-vigilant for suspicious transactions.”

UK businesses continue to suffer financially from fraud

UK businesses continue to suffer financially from fraud

Elliott added: “People may be feeling the effects of increases in the cost of living, giving them more incentives to turn to crime. As such, employers need to make it difficult for their staff to commit crimes. They cannot afford to be complacent.”

Watch a video of PwC’s Ian Elliott outlining key points uncovered by the survey

Type of fraud is changing

The survey findings record a fall in the number of UK organisations reporting economic crime, from 51% in 2011 down to 44% in 2013. However, fraud in Britain is still higher than the global average of 37%.

The type of fraud is also changing, with less accounting fraud as fraudsters turn to high-tech ways of committing economic crime. At the same time, companies have improved their internal controls and, as such, have made life more difficult for potential fraudsters.

Infographic showing key findings of the latest PwC research

There has been a small drop in the reported level of cyber crime which, at 24%, is down from 26% in 2011. Cyber crime was also responsible for 24% of all reported frauds.

UK businesses are more aware of the risks than ever – and more aware than their global counterparts (63% compared to 48% globally).

“Many people may not be reporting cyber crime simply because they don’t know it has happened, or because they want to keep it contained,” explained Elliott. “They are concerned about what effect it has on their reputation. It’s also important to remember that it’s not a technology problem. It’s a human problem, and the internal threat needs to be taken as seriously as the threat from outside an organisation.”

Less than a third of Board members (32%) reported fraud in their organisations, but below Board level this climbed to 63%.

For the purposes of the PwC survey, economic crime is described as: “The intentional use of deceit to deprive another of money, property or legal right”

For the purposes of the PwC survey, economic crime is described as: “The intentional use of deceit to deprive another of money, property or legal right”

“Increasingly,” continued Elliott, “we’re seeing fraud on the Board’s agenda but there is still a gap between what is being reported by the Board and the reality of what is taking place in British business today.”

Changes to policies and procedures

UK businesses continue to suffer financially from fraud. 52% felt the financial impact had increased in the last two years compared to 42% globally, but high value financial losses in the UK were lower than on the global stage (at 15% compared with 20% suffering losses in excess of $1 million).

As a result of the Bribery Act, which came into force in 2011, 87% of British organisations have made changes to policies and procedures and 37% have had a major overhaul of their anti-bribery policies.

“With little or no growth in the UK in the last few years, many British companies have looked overseas to some high risk markets,” outlined Elliott, “but they need to be on the alert for the potential bribery risks they may face when operating in these markets.”

UK businesses take a dim view of fraud and, in 88% of cases, it leads to dismissal compared to 79% globally. The police were called in to companies in 63% of cases compared to just 49% of frauds around the world.

In conclusion, Elliott explained: “When employees just receive a warning, or are transferred to another department, it sends out a message: the business tolerates fraud. However, UK bosses have taken a stand. They will not let employees get away with defrauding them, even if it means negative publicity for them as a result.”

About the survey

For the purposes of the survey, economic crime is described as follows: “The intentional use of deceit to deprive another of money, property or legal right”

In the UK, 372 people responded to the online survey. Respondents are from a mix of different sectors and represent listed, private and public sector organisations

60% of respondents to the PwC survey were senior executives

For the full UK and global report visit: http://www.pwc.co.uk/crimesurvey

To watch the live webcast at 11.00 am on Wednesday 19 February go to: http://www.pwcplayer.com/webcasts/2014_02_global_economic_crime_survey

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