Fraud happens every day in the UK and around the world. According to the Office for National Statistics, there were 3,348,000 fraud cases in England and Wales for the year ending June 2018 with probably many more cases unreported. It is expected that the number of cases will continue to increase.
In this post, our fraud investigative teams look to explain the Fraud Act 2006 and common types of fraud dominating the headlines recently, including corporate fraud and digital fraud.
Historically, fraud cases were quite hard to interpret and often fell within a number of different categories, prompting the UK government to introduce the Fraud Act 2006 replacing numerous deception offences outlined by various Acts including the Theft Act 1968 and the Theft Act (Northern Ireland) 1969.
Understanding the Fraud Act 2006
Aiming to address the increase in fraud cases committed through the use of technology, the Fraud Act 2006 contains three distinct definitions for fraud:
- false or misleading representation
- a failure to disclose certain information and;
- fraud by abuse of a position of trust.
In addition to that, an element of dishonesty, as well as the intention to make a gain or cause a loss, must be shown. Although the very nature of fraud means the cases are still likely to be complex, this piece of legislation has reduced a number of loopholes and ensured that certain actions that might be previously classified as a breach of conduct are now seen as criminal actions.
Common A-Z fraud
Action Fraud UK, which was transferred to the City of London Police following the closure of the National Fraud Authority in 2014, is a leading fraud and cybercrime reporting centre in England, Wales and Northern Ireland. It categorises the different types of fraud from A to Z and the list is being expanded as fraudsters constantly try new techniques to convince businesses and individuals to hand over their money and critical information, often leading to devastating consequences.
Corporate fraud occurs when an individual or a company targets and exploits the vulnerabilities of a corporate entity with the intention to manipulate and make a gain in an illegal manner.
Corporate fraud comes in all shapes and sizes and some common types of corporate financial fraud including fake invoice scams, false accounting and investment scams. One example of fraud and false accounting that was reported recently was ex-Tesco directors accused of manipulating the company’s financial results went to trial in October 2018. Another piece of big news that rocked the nation around the same time was Patisserie Valerie discovering a £40m black hole in its accounts, prompting the Financial Reporting Council to investigate.
How Blackhawk Intelligence can help with corporate fraud
Corporate fraud can happen in your company and damage both your company’s financial standing and its reputation. If you suspect something is amiss, trust your gut and call our corporate fraud investigation professionals. For more information, see the following pages:
- Corporate fraud and how Blackhawk Intelligence can help
- Corporate fraud detection
- Corporation fraud prevention
- Common questions about corporate fraud
With so many of us using the Internet to accomplish various tasks, it is no surprise that fraudsters explore our vulnerabilities online. Digital fraud comes in many forms including hacking, malware, phishing and data leakage.
Phishing, referring to digital activities used by fraudsters to steal one’s personal data such as password, payment details and other information, continues to scam millions of individuals and businesses daily.
How Blackhawk Intelligence can help with digital fraud
To investigate phishing and other types of digital fraud, our specialists may use IT Forensics to uncover all data including deleted, hidden and security protected files. We work fast to prevent incriminating evidence being removed. Additionally, as prevention is key, our digital fraud team can help to train your staff to handle cybercrime incidents and review your security procedures. To find out more, visit:
Call us today on +44 (0)20 8108 9317. We can assess your situation and work with you to put your mind at ease.
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This post is intended to provide information of general interest about current business issues. It should not replace professional advice tailored to your specific circumstances.