i-law.com - Newsletter (Fraud Intelligence)

Fraud risk management – an Internal Audit perspective

Internal Audit has a prime responsibility to review and monitor the efficacy of an organisation’s risk controls but the fraudster presents a distinct challenge through his deliberate attempts to circumvent the established checks and balances. John Webb CFE, Head of Internal Audit at Cazenove, considers how the internal auditor might approach fraud prevention and detection.

Online Published Date: 01 April 2005

Appeared in issue: April/May 2005 - 01 April 2005

Phishing net – the rise and evolution of online fraud scams

Contrary to what one might think, the term ‘phishing’ has been around for many years - it was originally coined to describe attempts at identity theft that were conducted over the telephone. Naturally, however, fraudsters were quick to realise the potential of the Internet as a medium for their scamming operations, and it has now become synonymous with the spreading epidemic of email-borne fraud and identity theft. Mark Sunner , Chief Technology Officer, MessageLabs examines the dynamic threat.

Online Published Date: 01 April 2005

Appeared in issue: April/May 2005 - 01 April 2005

Question master

Interviewing witnesses and suspects is a vital part of evidence gathering in a fraud investigation. Christopher Osborne , a forensic accountant with PKF Accountants and business advisors, currently on secondment to the Serious Fraud Office, highlights some useful techniques.

Online Published Date: 01 April 2005

Appeared in issue: April/May 2005 - 01 April 2005

Lateral thinking – the Freedom of Information Act 2000

On 1 January 2005 investigators were handed a powerful new tool for prising valuable facts from UK public authorities. In the first part of a two-part article on the Freedom of Information Act 2000 , Jane Colston and Sean Upson of Masseys explore the statute’s potential.

Online Published Date: 01 April 2005

Appeared in issue: April/May 2005 - 01 April 2005

Managing justice

On 22 March 2005 the Lord Chief Justice, Lord Woolf handed down a new Protocol on the “Control and Management of Heavy Fraud and other Complex Criminal Cases” in England and Wales. It was issued on the same day that one of the longest running trials in British legal history, for alleged corruption in the tendering process for the London Underground Jubilee line extension, was abandoned after almost two years. The introduction to the Protocol states, “it is essential that the current length of trials is brought back to an acceptable and proper duration.”

Online Published Date: 01 April 2005

Appeared in issue: April/May 2005 - 01 April 2005

A new start – Customs and Excise prosecutions

Gavin McFarlane of Temple Chambers Cardiff

Online Published Date: 01 April 2005

Appeared in issue: April/May 2005 - 01 April 2005

Cross-border access to suspect merchant data

Pan-European Union (EU) and national blacklists of traders, whose right to accept credit cards has been removed by issuers due to fraud or irregularities, should be accessible across Europe under new guidelines. The EU Committee of Data Protection..

Online Published Date: 01 April 2005

Appeared in issue: April/May 2005 - 01 April 2005

European evidence warrant progress

The European Union (EU) Council of Ministers has agreed that a European Evidence Warrant system should enable police to demand objects, documents and data connected with financial fraud from across the EU. Ministers have agreed 32 offences for which..

Online Published Date: 01 April 2005

Appeared in issue: April/May 2005 - 01 April 2005

Smuggler duty

Smugglers are liable for customs duties on the goods they present to excise officials in the European Union that are used to conceal more valuable, undeclared cargo, the European Court of Justice has ruled. Captured smugglers – allowed into..

Online Published Date: 01 April 2005

Appeared in issue: April/May 2005 - 01 April 2005

UK firms caught in carousel entitled to VAT refunds, says top EU lawyer

The British government should abandon attempts to deny VAT refunds to companies unwittingly involved in a cross-border carousel fraud, according to a European Court of Justice (ECJ) advocate general. Miguel Poiares Maduro said the policy would..

Online Published Date: 01 April 2005

Appeared in issue: April/May 2005 - 01 April 2005

UK card fraud tops UK£500m

UK fraud on debit and credit cards totalled UK£504.8 million in 2004, a 20% rise on 2003 (UK£420.4 million), according to figures released last month by APACS, the Association for Payment Clearing Services. Card-not-present (CNP) fraud was..

Online Published Date: 01 April 2005

Appeared in issue: April/May 2005 - 01 April 2005

World Bank

Corruption cases involving World Bank projects appear to have peaked since systematic investigations began in 1999, according to its first annual report on the subject. New cases were highest in the 2002 financial year (550) and in 2001 (545); they..

Online Published Date: 01 April 2005

Appeared in issue: April/May 2005 - 01 April 2005

EU anti-fraud commissioner seeks transparency

The European Commission is drafting an action plan to improve transparency in its infamously opaque accounting procedures. Associated proposals for legislative reform call for identification of European Union (EU) funds recipients. The EU’s..

Online Published Date: 01 April 2005

Appeared in issue: April/May 2005 - 01 April 2005

Fraud trial juries in question once more after Jubilee line case collapses

The question of whether jury trials for fraud in England and Wales should continue is once again in the spotlight following the collapse of a corruption case linked to the Jubilee tube line extension after nearly two years in court. Two businessmen..

Online Published Date: 01 April 2005

Appeared in issue: April/May 2005 - 01 April 2005