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27 September 2023
Issue: 8042 / Categories: Legal News
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Fraudsters at large

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

Hogan Lovells—Lisa Quelch

Hogan Lovells—Lisa Quelch

Partner hire strengthens global infrastructure and energy financing practice

Sherrards—Jan Kunstyr

Sherrards—Jan Kunstyr

Legal director bolsters international expertise in dispute resolution team

Muckle LLP—Stacey Brown

Muckle LLP—Stacey Brown

Corporate governance and company law specialist joins the team

NEWS

NOTICE UNDER THE TRUSTEE ACT 1925

HERBERT SMITH STAFF PENSION SCHEME (THE “SCHEME”)

NOTICE TO CREDITORS AND BENEFICIARIES UNDER SECTION 27 OF THE TRUSTEE ACT 1925
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