The End of Plausible Deniability: What Directors need to know about the UK’s new fraud law
When the UK’s Failure to Prevent Fraud offence came into force on 1 September 2025, it quietly, but decisively, redrew the boundaries of corporate accountability. Tucked within the Economic Crime and Corporate Transparency Act (ECCTA), this law gives prosecutors a powerful new tool to hold companies to account when someone connected to them commits fraud for their benefit. It’s the latest […]
Companies House identity checks ‘pose major cybersecurity risk’
The Government has just announced its digital identity checks for Companies House will go live on 18 November, affecting up to 7 million people over the next year. But while the aim is to improve transparency and tackle fraud, the system behind it is raising security concerns. The rollout depends on ‘GOV.UK One Login’, a system that one commentator […]
UK cybersecurity innovation recognised as Global Standard to help counter AI-powered fraud
The Open Worldwide Application Security Project (OWASP) has announced that the Business Logic Attack Definition Framework (BLADE Framework) has become The OWASP BLADE Framework Project in the fight against cyber fraud. The name change reflects the acceptance of the attack framework as an OWASP project and recognition of the framework as an industry standard. The BLADE Framework was […]
UK fraud pegged at £570 million in the first half of 2024
Data from UK Finance indicates criminals stole £571.7 million through unauthorised and authorised fraud in the first half of 2024, representing a 1.5 per cent decrease compared to the first half of 2023. Banks prevented £710.9 million of unauthorised fraud through advanced security systems, while 72 per cent of APP fraud started online and 16 […]
European credit sector associations call for more fraud prevention efforts
The European Credit Sector Associations, composed of the European Association of Cooperative Banks (EACB), the European Banking Federation (EBF), the European Savings and Retail Banking Group (ESBG) have welcomed the publication by the Euro Retail Payments Board (ERPB) of its Working Group Report on fraud related to retail payments. On top of the three Associations, […]
Aviva reveals huge spike in car insurance fraud
Aviva reported a 39% increase in the number of claims declined as a result of fraud in 2023, uncovering more than 11,000 suspect claims worth £116m – the equivalent of 30 bogus claims a day with a value of £318,000. The company says it’s investigating a further 13,100 claims for suspected fraud. Fraudulent motor insurance […]
Visa highlights AI threat in latest data
Visa’s latest Biannual Threats Report highlights a ‘significant’ rise of phishing schemes proliferated through generative AI tools, and a marked increase in enumeration and ransomware. While the global fraud rate trended lower than normal expected fraud levels during the report’s time period (January – June 2023), Visa shared that it helped to proactively block $30 […]
Fraud risk trends to watch out for in 2023
Various types of fraud pose significant risks to UK businesses, including financial loss, reputational damage, legal consequences, regulatory non-compliance, and loss of customer trust. Fraudulent activities can also lead to direct monetary losses through theft, embezzlement, or fraudulent transactions. The reputation of a business can be severely affected, impacting customer perception and relationships with partners and stakeholders. Legal consequences […]
Demand for fraud detection solutions to drive market to $252bn
The fraud detection and prevention industry generated $29.5 billion in 2022, and is anticipated to hit 252.7 billion by 2032, equivalent to a CAGR of 24.3% over the forecast period. Analysis by Allied Market Research cites the introduction of big data analytics and cloud computing service, plus an upsurge in mobile payments, to bolster the […]
BPFI data shows increase in payment fraud in ireland
Fraudsters stole nearly €85 million (€84.6m) through frauds and scams in Ireland during 2022, an increase of 8.8% on 2021, according to a detailed report published by FraudSMART, the fraud awareness initiative led by Banking & Payments Federation Ireland (BPFI). The FraudSMART Payment Fraud Report H2 2022 outlines how card fraud accounted for over 95% […]