Action Fraud is warning people to provide an extra layer of protection and enable the 2-Step Verification (2SV) option, as more than 33,600 people had their social media or email accounts hacked in the last year.

Data from Action Fraud, the national fraud and cybercrime reporting service, shows that more than 33,600 people reported that their online accounts had been hacked from August last year, with victims losing a total of £1.4 million.

Action Fraud is launching an awareness campaign on social media and email account hacking for Cyber Security Awareness Month this year, encouraging the public to protect their online accounts from fraudsters.

Bank payments could be delayed by up to three days under new rules that would give banks more time to investigate potential fraud.

The Government said it was proposing laws that will extend the time that payments can be stalled by up to 72 hours.

Currently, a bank has until the end of the next business day to either process of refuse a payment made by a customer.

https://uk.news.yahoo.com/bank-payments-could-delayed-three-230100159.html

The government has been urged to lead a “cross-border war” against fraudsters to help tackle a problem which is costing the UK economy tens of billions.

In a new report, the Social Market Foundation (SMF) estimated that 21 per cent of adults globally have been victims of fraud in the last three years.

https://www.cityam.com/uk-urged-to-lead-cross-border-war-against-fraudsters-as-billions-lost/

The former assistant commissioner of the Metropolitan Police was appointed as the director of the Serious Fraud Office (SFO) one year ago today. So how has Nick Ephgrave first year gone at the anti-fraud agency?

Before he stepped foot into his office, lawyers were telling City A.M., that he has a lot of work ahead of him on rebuilding the SFO’s reputation after a slew of failures over the years.

https://www.cityam.com/nick-ephgrave-marks-one-year-at-serious-fraud-office-how-has-he-fared-as-director/

Value and volume of detected fraudulent claims both up.

The fight against insurance fraud remains a central focus for the industry, as new figures from the Association of British Insurers (ABI) show that fraudulent claims totalling £1.1 billion were detected in 2023 – a 4% increase compared to the previous year.

https://www.insurancebusinessmag.com/uk/news/claims/abi-outlines-extent-of-insurance-fraud-507601.aspx

Uptick in money laundering cases reaching courts marks positive milestone in battle against illicit finance

- Total volume of alleged fraud cases over £100k in the first half of the year reached 122.

- Compared to the same period in 2023, the total value of fraud was down 14%.

New figures published today from KPMG UK’s mid-year Fraud Barometer show that money laundering has been the most common fraud type by value in the last six months. Nine cases have been heard in UK Crown Courts collectively worth £128.2 million so far this year. With the UK regularly cited as a hub for illicit finance, it is positive that more suspected perpetrators of this crime are appearing to be prosecuted.

Fraud Barometer - KPMG UK

Despite a decrease in the amount stolen through fraud in the UK in the past few years, continued vigilance is still needed to combat fraud across sectors, legal experts have said.

Recent statistics on fraud in the UK have shown some small reductions in the amount lost due to fraud, but there is still more to do by the financial sector and other sectors for fraud prevention and consumer protection. These are among the main findings of two industry reports.

Total loss caused by fraud in the UK shows downward trend (pinsentmasons.com)

The government will bring forward a new Fraud, Error and Debt Bill in this parliamentary session to crack down on fraud in the social security system.

New laws to be introduced to crack down on fraud - GOV.UK (www.gov.uk)

Netflix documentary The Tinder Swindler tells the story of a fraudster who convinces women he met on a dating app to “loan” him large sums of money. It shows the devastating financial damage and psychological trauma online romance fraud can inflict on its victims. But it’s not just carried out by individuals – sometimes it’s orchestrated by organised crime groups that operate on an industrial scale.

‘Pig butchering’ fraud: the link between modern slavery, torture and online crime (yahoo.com)

Artificial intelligence (AI) is being used to drive insurance fraud as the number of dodgy claims is on the rise, according to a survey of claims handlers.

One in five (19%) of the claims handlers surveyed across four sectors including medical insurance believed up to a quarter of all claims submitted might be created or altered using AI.