Digital Transformations to 

Eliminate Your Process Frictions

Fraud Prevention Masterclass - Further Information

For further reading on topics relating to the Fraud Prevention Masterclass, click on the icon for your chosen content:

 

1. The Law Commission’s review of the Electronic Execution of Documents

Lingering uncertainty around the legal validity of documents executed electronically has meant unnecessary perceived obstacles for some in meeting customer demand for digital products and services, particularly material financial and legal ones. This review clarifies the law and concludes that electronic signatures are acceptable in most situations. Further, “The benefits of execution processes which are quick and convenient go beyond reduced transaction costs. Uptake in the use of electronic execution in complex legal transactions may enable businesses to grow.”

2. Fraud Defence Test

Based on the UK Home Office’s Serious and Organised Crime Public Interventions Model, are you amongst the two-thirds of the UK Population vulnerable or open to new online risks? See what risk segment you or your customers fit into; Take the test

3.  What are Biometrics?

Different types of biometrics are useful in different environments and uses. A brief summary of different types. In remote meetings, recognition of the face, voice and signature have the greatest applicability.

4. Are biometrics ethical?

With great power comes great responsibility! The Biometrics Institute[cj4]  promotes the responsible and ethical use of biometrics and biometric analytics, especially in online identity management. Identity theft occurs when criminals access enough personal information about an individual to commit fraud, using various techniques from outright theft and social engineering to harvesting data through cybercrime. However, the use of well-designed and correctly captured biometrics within E2E processes helps secure both customers and their serving organisations from the vast majority of attacks.

5. eSignatures use in “Avoiding high-value fraud”

This short article, first published in The Sunday Telegraph, describes the method and implications of using handwritten biometric eSignatures, rather than other forms of less identifiable signatures, when contracting or placing high-value transactions electronically. With some notable exceptions (e.g. Carphone Warehouse/Currys/Dixons, Dept of Work & Pensions, etc.), only a limited number of organisations have followed Europe’s lead in this area, where the use of this method is widespread.  

6. AML - Responsibilities under money laundering supervision

Customer due diligence means taking steps to identify your customers and checking they are who they say they are. This guidance introduces how to carry out checks on your business and customers, and what records you must keep preventing money laundering.

7. The National Economic Crime Centre (the NECC)

launched 2018, coordinates law enforcement agencies, regulators and private sector firms with the shared objective of driving down serious organised economic crime, protecting the public and safeguarding the prosperity and reputation of the UK as a financial centre. It includes JMLIT. Their Fraud page reveals that fewer than 20 per cent of incidents of fraud are actually reported, partially due to concerns about adverse publicity, so the scale of the threat is much larger than thought. Of £190Bn of losses in the UK, 74% is from private sector businesses. “Businesses and high-net-worth individuals are now also being increasingly targeted due to their larger financial transactions and the greater potential profits for fraudsters.”

8. Joint Money Laundering Intelligence Taskforce (JMLIT)

A Public-Private Partnership between Law Enforcement, Government and the Financial Sector targeting high-end money laundering schemes. These are most commonly complex, multi-institutional, and multi-jurisdictional. Despite currently relatively limited scope and participation restricted to a small number of banks, since 2015 JMLIT has directly led to the seizure of approximately £13 million and 130 arrests.

9. Serious Fraud Office: Lisa Osofsky, SFO Director, speech, 3 April 2019

Fighting fraud and corruption in a shrinking world: “as crime becomes more digital – so must we….increase our digital investigative capacities and capability….Just last month our Proceeds of Crime team forfeited over £1.5 million from a fugitive involved in a mortgage fraud scheme.”

10. The Financial Action Task Force (FATF)

The FATA has completed its report on the UK’s anti-money laundering (AML) and counter-terrorist financing (CTF) measures. FATF completed its report[cj11]  on the UK’s anti-money laundering (AML) and counter-terrorist financing (CTF) measures on 7 December 2018, which recognises that the UK’s AML/CTF regime is the strongest of the over sixty countries assessed by FATF and its regional bodies to date. There is room for improvement, as the UK received the highest rating possible in just four out of the eleven areas assessed. This includes improved IT systems to help the UK’s Financial Intelligence Unit (UKFIU) process about 500,000 Suspicious Activity Reports (SARs) received annually and legislation to introduce a register of beneficial ownership for overseas entities which own or purchase UK property.

11. The upside of Face-to-Face meetings

As business collaboration technologies become more complex, interactive and reach further, can face-to-face meetings survive (in-person and virtual) and how should organisations plan their customer lifecycle interactions? This article explores many important behavioural considerations when deciding on strategy and technologies.

 

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