Find out more about why creating a single customer view of financial crime risk management is an essential component in securing the future of your organisation and how a digital ID scheme could work, benefiting banks and financial organisations. This edition of Connect magazine includes articles and features from our partners such as Emailage and Equifax.
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The Real Cost of External Fraud by Professor Mark Button, Dr David Shepherd and Dr Branislav Hock, Centre for Counter Fraud Studies. The University of Portsmouth. The cost of and extent of fraud is frequently reported in the media with a variety of organisations producing estimates of fraud based upon methodologies of varying quality. There are two factors that generally unite these estimates. The first is that they usually show fraud is a major problem and secondly they focus upon only the actual loss from the fraud. Estimates do not generally take into account the collateral damage fraud does to an organisation and the costs that are incurred in dealing with the consequences. There have been very few studies that have sought to estimate the wider costs of dealing with fraud and its consequences. Two of these studies the authors were involved with. The first was a project that sought to investigate the real costs of internal fraud and the second was a study that explored the true costs of recruitment fraud (Button et al, 2013; and Gee et al, 2019). These two studies identified a variety of costs that organisations incur in dealing with fraud, such as the costs of investigation, staff suspension costs, internal disciplinary costs, justice costs, staff replacement costs, miscellaneous costs and intangible costs. These studies showed significant costs on top of the actual fraud loss. The gap in the research to date, has been estimates of the real costs of external fraud. There are clear, practical differences between internal and external fraud. Firstly, victim organisations are usually able to identify internal fraudsters whereas external scammers are often unknown persons, e.g. account redirection fraudsters. Secondly, evidence against internal fraudsters is often more accessible. Thirdly, if the organisation is satisfied with dismissal or other disciplinary sanctions, the quality of evidence required is lower than that necessary for obtaining legal outcomes against external fraudsters. This report addresses this gap by exploring the full costs of external fraud and compares them to the costs of internal fraud. This research was commissioned by Synectics Solutions and is the first study the authors are aware of to identify the full cost of external fraud. It is based upon 39 cases of external fraud from a diversity of organisations. The report begins by identifying the type of costs that are likely to be incurred in dealing with external fraud. It then moves on to explore the findings starting first with the demographic data of the sample before moving on to explore some of the costs identified from the research. Before we embark upon this, however, it is important to define external fraud: A fraud primarily perpetrated by person(s) not directly employed by the organisation who is the victim. This could include: contractors, suppliers, customers and opportunistic and organised criminals targeting the organisation.
Collaboration continues to be a key factor in preventing and detecting fraud and financial crime. In recognition of this the UK Government’s own 2019/20 Economic Crime Plan has made sharing intelligence between public and private sectors one of its top priorities. To explore this important area in more detail, during this year’s final webinar for UK Finance’s Economic Crime Academy, subject matter experts from Synectics Solutions and UK Finance will explore the opportunities and issues around collaboration and the continuing importance of sharing intelligence to help defeat various forms of economic crime. This webinar will give an analysis of what has been achieved over the last few years in this area - as well as sharing success stories to illustrate what good collaboration looks like across both private and public sector sources - and how to overcome the barriers to sharing key information. Other areas covered will include an analysis of how shared intelligence sources are essential to the future success of many AI and Predictive Analytic techniques, as well as advice from members of Synectics Financial Crime Intelligence team and Catriona Still (from the DCPCU) who explore a variety of public /private sector collaborative approaches in progress today. Some of the key objectives in this webinar are: Understanding the importance of collaboration to prevent fraud and financial crime Realising the challenges in adopting a collaborative approach Hearing real case studies from those who have adopted a collaborative approach in their financial crime prevention strategies
The aim of this paper is to start a conversation with citizens, academia, industry, and across Government on the use of data and analytics to counter fraud. To help drive this conversation this paper is divided into three sections: 1. Using data to counter fraud An insight into the nature of counter fraud in Government and into the work being done in the Cabinet Office and the Department for Digital, Culture, Media & Sport to advance the use of data and data sharing as part of the Government’s counter fraud strategy. 2. Some key challenges to making even more progress A summarisation of the key challenges identified by Government, industry, and academia in making more use of data for counter fraud. These are the issues we seeking your input and insights on. 3. Your voice Where we ask for your input on our key challenges; how could Government approach these issues and is there anything else we should be concerned about based on experiences in your own industries? In the rest of the document you will find the verbatim contributions from the public and private stakeholders – Government departments, academia, and industry – which are the source of the challenges identified in section 2.
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