Keeping on top of evolving fraud threats and policy developments
Barely a day goes by without fraud making headlines: whether referenced as romance scams, pyramid investments, or insider dealing, there are endless varieties causing victims (individuals and organisations) real personal harm and impacting the UK economy. And, as the Covid public inquiry begins to consider evidence looking at the procurement of PPE and the concerns regarding fraudulent profiteering, it is easy to become desensitised and assume nothing will change.
However, fraud prevention and response practitioners are asking: “Could this be a year where policy changes make a material impact and, moreover, what are the next policy developments?”
The Economic Crime & Corporate Transparency Act 2023
On 1 September 2025, the much talked about Failure to Prevent Fraud (FTP) offence takes effect. For further commentary, see here.
Most organisations have taken substantial preparatory steps, but many have yet to start. Either way, there is still time and, in any event, compliance with this “deadline” does not mean success or failure in the following days, weeks and years.
Given the UK Fraud Strategy and its impending “enhancement”, it is fair to say that there is an ongoing, and growing, fraud prevention compliance requirement that organisations will ignore at their peril.
Policy enhancement
It is a stated aim of the UK Government (whilst in Opposition) that it would “introduce a new expanded fraud strategy to tackle the full range of threats, including online, public sector and serious fraud. We will work with technology companies to stop their platforms being exploited by fraudsters.”
At the end of 2024, we began to understand what this would look like in terms of economic crime in a speech by Security Minister, Dan Jarvis, at the UK Finance Economic Crime Congress.
In his speech, the Minister outlined the government’s commitment to detecting, disrupting, and defeating economic crime.
Collaboration
Mr Jarvis highlighted the collaborative approach the Government is pursuing with the private sector, law enforcement, and technology companies to address the multifaceted threat posed by economic crime. The Minister noted the importance of data sharing across the public and private sectors, suggesting that better integration and cooperation could help detect and disrupt criminal activities more effectively.
The data fusion pilot between the NCA and seven UK banks is one such initiative that has shown the potential of sharing data across the system to combat organised crime. He also announced a collaboration with UK Finance to develop a joint economic crime and data strategy, aimed at creating a unified data system. This initiative is intended to improve responsiveness to technological developments and to criminal activities’ evolving methods.
Initiatives
There were several other initiatives the Minister highlighted, where the Government hopes to strengthen its fight against economic crime:
- A new UK anti-corruption strategy
This strategy aims to address vulnerabilities to corruption both domestically and internationally. The Government intends to make it harder for corrupt actors to move funds, improve global resilience against corruption, and build stronger international partnerships.
- The Domestic Corruption Unit
In a significant step, the Government is launching a pilot Domestic Corruption Unit in collaboration with the Home Office and the City of London Police. This unit will enhance intelligence gathering, proactive investigations, and collaboration across national agencies and local forces. It will provide a dedicated response in areas where previous capacity was lacking.
- Support for financial and technological sectors
Following a call to action from the Chancellor of the Exchequer in her Mansion House Speech, the government is urging tech and telecommunications companies to enhance efforts against online fraud. The Online Safety Act and continued collaboration between Government and industry aim to strengthen protections for consumers.
Looking ahead
We look forward to the UK Government’s further announcements on the enhanced UK Fraud Strategy and understand expectations of the “good corporate citizen” to contribute toward the fight against fraud will continue. In particular, where the tech and telecoms platforms are seen to be enablers of the fraudsters’ modus.
However, keeping on top of threats, policy developments, and organisational expectations is increasingly difficult to navigate.
The UK’s network of Fraud Forums provide excellent opportunities for practitioners, business and the public/tertiary sector to come together to share intelligence and the latest policy developments.
We are hosting the South West Fraud Forum’s Annual Conference, a must-attend event for organisations, practitioners and anyone interested in fraud prevention and response. Covering the latest trends in insider fraud, policy developments, and best practices in risk management, the Fraud Forums provide invaluable support to their members.
Authors: James Gliddon, Gena Ritchie, Hannah McIntosh, Tom Bradley
