Crime Governing Bodies Face a Tough Challenge to Clamp Down on the Growing Cost of Fraud
Fraud is a major problem and businesses are spending more time dealing with it. Malicious con artists can ruin your business by setting up fake websites designed to look like they’re from reputable companies or organizations. To take action against these crimes and the growing cost of fraud , more organizations have been effectively using domain monitoring tools to help detect when a site has potentially had its brand name being impersonated by a criminal.
the Growing Cost of Fraud
However, the battle to prevent brands and websites from being impersonated remains a very difficult challenge. Skurio’s cost of fraud page shines a spotlight on the staggering cost of fraud in Britain and
it is estimated that throughout 2021, the annual cost of fraud had reached a staggering £137 billion!
The government is working together with banks to reduce the impact of fraud on customers. As a result, customers who are victims of fraud will enjoy more extensive protection than before.
The government is taking a number of actions to reduce the impact of fraud and here are some of them below:
- Funding of Government for Anti-fraud initiativesThe UK government dedicates a significant portion of its budget to fighting fraud. This has helped to reduce the impact of fraud on society as a whole.
One way in which the government combats fraud is by allocating funds to anti-fraud initiatives. These initiatives range from educating the public on how to avoid becoming a victim of fraud, to conducting investigations into allegations of fraud.
- Tougher Sentences
New measures have been introduced to make it harder for fraudsters to commit fraud. These include tougher sentences for fraudsters who are convicted, and making it easier to track down illegally imported assets.In the past, sentences for fraudsters have been relatively light. However, recent changes to the law have increased the maximum sentence for fraud from 10 years to 15 years. This tougher approach is hoped to reduce the impact of fraud on businesses and individuals. - Working by Crime AgenciesThe National Crime Agency in the UK is dedicated to reducing the impact of fraud. One of the ways is by providing information and training to businesses and individuals about how to protect themselves from fraud. They also work with law enforcement agencies around the world to investigate and prosecute fraudsters.
The National Crime Agency also runs awareness campaigns to educate people about the different forms of fraud that exist and how to protect themselves. They also share intelligence, best practice and technical information with other organizations to assist them in preventing fraud.
The National Crime Agency is working with the Child Exploitation and Online Protection Centre (CEOP) to investigate fraud against children. This includes investigating recent claims that fraudsters have been conning parents into giving away their children’s life savings.
- Fraud Detection through Financial Institutions and other businesses
Crime governing bodies are working with banks and other financial institutions and businesses to improve fraud detection. This includes sharing information on known fraudsters and developing new technologies to identify fraudulent activity. - Fraud Prevention Accreditation Schemes
New fraud prevention accreditation schemes are being introducted to ensure that businesses take their fraud prevention responsibilities seriously, and will help the public to choose who to do business with based on how successful they are at preventing fraud.Conclusion
The UK government has taken steps to protect people from fraudsters. They have created a new Cyber Crime and Fraud Reporting centre that will allow consumers to submit information about potential scams, as well as how they were defrauded or scammed.
This initiative is one of many ways the UK government is working hard to make sure its citizens stay safe online.
Founder Dinis Guarda
IntelligentHQ Your New Business Network.
IntelligentHQ is a Business network and an expert source for finance, capital markets and intelligence for thousands of global business professionals, startups, and companies.
We exist at the point of intersection between technology, social media, finance and innovation.
IntelligentHQ leverages innovation and scale of social digital technology, analytics, news and distribution to create an unparalleled, full digital medium and social business network spectrum.
IntelligentHQ is working hard, to become a trusted, and indispensable source of business news and analytics, within financial services and its associated supply chains and ecosystems.
