Fraud Intelligence

In a landmark judgement, the UK Supreme Court has ruled that third parties can be held liable for fraud in the UK if they learnt of fraudulent dealings by a company with which they were doing business and continued trading with them.

A "growing interest" in how whistleblowers can help to catch and disrupt fraud early is noted by Jonathan Fisher KC in a progress report, published 3 July, on part two of his independent review of disclosure and fraud offences for the UK Government.

A UK Supreme Court judgment has opened the door to recoveries against a wider group of potential defendants in insolvency scenarios. Tim Carter and Lucy Trott of Stevens & Bolton explain the decision and its utility for counter-fraud purposes.

The EU police office, Europol, has worked with Spanish police and law enforcement agencies from Estonia and France as well as the United States Homeland Security Investigations (HSI) to dismantle a major global cryptocurrency investment fraud ring.

Lord Leveson is in favour of a judge sitting alone to try "serious and complex" fraud cases. It would bring time-savings, he says, as the judge would handle all steps of the process, making decisions on admissibility, managing the trial and submissions, and benefit from full access to the evidence ahead of the trial.

Artificial intelligence (AI) is turbo-charging the possibilities for cyber espionage and surveillance, enabling nefarious actors to leverage technology to manipulate and steal critical data. As AI and computing power increase, are companies ready? Not yet, find Paul Cochrane & Andreia Nogueira.

Accounting fraud can be deadly for corporations, with high profile scandals such as at Enron, Lehman Brothers, WorldCom, FTX and Wirecard evidence that cooking the books rarely ends well. Far better, find Keith Nuthall & Andreia Nogueira, that sharp-eyed auditors, forensic accountants and anti-fraud professionals spot accounting deceptions before their inevitable eventual discovery causes permanent harm to a company.