Fraud Intelligence

The European Banking Authority (EBA) is warning about fraud risks from the growing practice of 'white labelling', where a financial institution provides services, such as payment cards or loans, under a partner's brand.

Opportunities to profit illegally from trade through false representation of goods shipped and identities of handlers en route, as well by diversion strategies, are many and varied. Electronic bills of lading are a major advance in logistics integrity, finds Keith Nuthall, but adoption as standard is over the horizon.

The European Public Prosecutor's Office (EPPO) says it "has struck a significant blow" to criminal gangs operating cross-border value added tax (VAT) fraud schemes around sales of electronic devices.

The career fraudster, as well as practising every trick in the deception book, will be skilled in self-preservation, not afraid to confront law enforcement. Roland Winter, seasoned investigator and former detective, learnt much, at no small cost, from his pursuit of colourful Australian conman Peter Foster. Keith Nuthall traces the twisting tale.

Companies House, on 18 November, started a 12-month phase-in of its compulsory identity verification for company directors or persons with significant control (PSC) for private companies logged onto its register, rooting out fake or stolen identities uses to establish companies or appoint directors.

One way for a UK chancellor the of the exchequer to avoid breaching promises not to raise taxes is to collect more that are not paid. In her Budget on 26 November, Rachel Reeves announced a series of measures designed to close the tax gap, estimated at UK£46.8 billion (US$61.9 billion) in 2023/24.

More than two million Confirmation of Payee (CoP) checks are now completed every day across the UK, five years after the payment fraud prevention and name checking system was introduced by the country's Payment Systems Regulator (PSR).

The UK Government proposes targeted prohibition of ransomware payments by public sector and critical national infrastructure entities, a payment notification regime for other organisations, along with mandatory incident reporting. James Broomhall of Grosvenor Law discusses complexities of the arguments for and against ransomware payment bans, and suggests principles that should guide policy development.