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€1.2 billion EU funds lost to fraud & irregularities in 2023, agency says
Investigations by the European anti-fraud office (OLAF) uncovered more than €1.2 billion in fraud and irregularities in 2023, according to the agency's latest annual report.
Online Published Date:
04 July 2024
Appeared in issue:
August/September 2024 - 21 May 2024
Forward thrust - AI
There's surely nothing artificial about the impact generative AI and machine learning are already having on fraud investigation, even as regulators rush to put guard rails in place. Keith Nuthallcaught the energy at the ACFE global conference.
Online Published Date:
09 July 2024
Appeared in issue:
August/September 2024 - 21 May 2024
Tried and tested
A new UK government with a clear mandate for change: what should Labour do about fraud? More of the same probably won't work, says Tristram Hicks, but he points to evidence that an alternative has and suggests it can again.
Online Published Date:
14 July 2024
Appeared in issue:
August/September 2024 - 21 May 2024
Phone scammers targeting UK elderly on "industrial scale"
Elderly adults in the UK are facing an unprecedented wave of telephone fraud, according to a study from the University of Portsmouth, based on over 18 months of research with 1,997 participants.
Online Published Date:
18 July 2024
Appeared in issue:
August/September 2024 - 21 May 2024
Fresh fictions - environmental reporting
Yet new in the corporate accounting field, sustainability measurement is already ripe for abuse. Auditors and investors must pick their way carefully to avoid landing in something nasty, finds Keith Nuthallas he dons his green Wellington boots to join them.
Online Published Date:
19 July 2024
Appeared in issue:
August/September 2024 - 21 May 2024
Audit inspection
Tasked with providing professional opinion on whether the published accounts present a true and fair view of an organisation's financial position, auditors are under increasing pressure to identify and flag potential fraud. Keith Nuthall and Andreia Nogueirareport on how they are responding to the challenge.
Online Published Date:
19 July 2024
Appeared in issue:
August/September 2024 - 21 May 2024
UK government expects 5% annual increase in fraud if nothing done
In line with a long-term behavioural trend, the UK Department for Work & Pensions (DWP) estimates that fraud will increase 5% a year without action to contain it.
Online Published Date:
23 July 2024
Appeared in issue:
October/November 2024 - 23 July 2024
Undertow - European Public Prosecutor battles criminals and for budget
While Laura Kövesi, the first European Public Prosecutor, is used to fighting hard, not just in court but in the political space that offices like hers inhabit, frustration over the resourcing limits she faces, was evident in a recent meeting with members of the European Parliament. Sara Lewis reports, from Brussels, on the pressure Kövesi and her team face to do more with less than they need.
Online Published Date:
24 July 2024
Appeared in issue:
October/November 2024 - 23 July 2024
Europol flags fragmented, multiple cyber threats in annual assessment
Law enforcement actions against dark web marketplaces and ransomware groups has created instability in the criminal world, through the resulting splintering of gangs, European Union (EU) police agency Europol has warned.
Online Published Date:
25 July 2024
Appeared in issue:
October/November 2024 - 23 July 2024
English courts tackle evolving asset recovery challenges
The use of complex cross-border structures and new technologies by fraudsters means that legal tools to identify and secure recoverable funds must constantly be reinterpreted. Rebecca Hume of Howard Kennedy details case law developments pertaining to service of proceedings, disclosure orders and the 'responsible persons liability principle'.
Online Published Date:
26 July 2024
Appeared in issue:
October/November 2024 - 23 July 2024
EU currents - EPPO warns on Austrian law threat to investigations
The European Public Prosecutor's Office (EPPO) has spoken out against a proposed Austrian law it believes could undermine its ability to probe transnational and national crime by preventing its teams from seizing data in evidence against offenders.
Online Published Date:
26 July 2024
Appeared in issue:
October/November 2024 - 23 July 2024