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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

Gateley Legal—Jack Kelly

Gateley Legal—Jack Kelly

Gateley Legal expands Midlands residential development team

Gibson Dunn—Richard Surtees

Gibson Dunn—Richard Surtees

Gibson Dunn adds employee benefits and executive compensation practice in London with partner Richard Surtees

Laytons ETL—Alec Cameron

Laytons ETL—Alec Cameron

Laytons ETL appoints new partner and head of intellectual property disputes

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Andy Burnham's brand of 'Manchesterism' could offer fresh thinking on legal aid and access to justice if it reaches Westminster, according to Roger Smith, NLJ columnist and former director of JUSTICE
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The legal profession is undergoing a fundamental shift from selling services to creating technology-enabled products, according to Professor Luke Mason, Head of School of Law at Regent's University London
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