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Fraudsters at large

27 September 2023
Issue: 8042 / Categories: Legal News
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Corporate fraud rose 16.8% in the year to March 2023, with 1121 incidents reported to Action Fraud, the UK’s reporting centre for fraud and cybercrime

Office of National Statistics (ONS) figures published last week show 951 of these were employee frauds and 170 were procurement frauds.

Sean Curran, partner at Arnold & Porter (London), said: ‘Several factors have contributed to this rise, particularly in respect of corporate employee fraud, including the unfortunate cocktail of geopolitical instability, the cost-of-living crisis, and ongoing post-pandemic strains.

‘In addition, a significant portion of the workforce continues to work from home, with insufficient controls and measures to detect fraudulent conduct outside of the office. It is clear that businesses need to work faster and more effectively to deploy robust and responsive anti-fraud measures, particularly in light of the Economic Crime and Transparency Bill which is likely to impose a “failure to prevent fraud” offence on companies in the upcoming months.’

The ONS figures also showed timeshare and holiday club fraud more than doubled.

Issue: 8042 / Categories: Legal News
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MOVERS & SHAKERS

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NEWS
The landmark Supreme Court’s decision in Johnson v FirstRand Bank Ltd—along with Rukhadze v Recovery Partners—redefine fiduciary duties in commercial fraud. Writing in NLJ this week, Mary Young of Kingsley Napley analyses the implications of the rulings
Barristers Ben Keith of 5 St Andrew’s Hill and Rhys Davies of Temple Garden Chambers use the arrest of Simon Leviev—the so-called Tinder Swindler—to explore the realities of Interpol red notices, in this week's NLJ
Mazur v Charles Russell Speechlys [2025] has upended assumptions about who may conduct litigation, warn Kevin Latham and Fraser Barnstaple of Kings Chambers in this week's NLJ. But is it as catastrophic as first feared?
Lord Sales has been appointed to become the Deputy President of the Supreme Court after Lord Hodge retires at the end of the year
Limited liability partnerships (LLPs) are reportedly in the firing line in Chancellor Rachel Reeves upcoming Autumn budget
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