Fraud Intelligence

Foreshadowed in the Fraud Strategy, published May [2023], the UK government, on 12 October [2023], announced an independent review into the operation of the disclosure regime and whether existing fraud offences are fit for purpose in England, Wales and Northern Ireland.

The UK Online Safety Act received Royal Assent on 26 October [2023], an event that consumer association Which? described as "a major step forward in the fight back against fraud". The new law will authorise penalties for social media companies and search engines that fail to prevent their platforms from being used for fraud - for false claims, profiles and promotions through to misleading statements and counterfeiting, whether via user-generated content or paid-for advertising. Under the law, these companies must carry out risk assessments of their platforms' possible use for fraud; act against any discovered scams (including removing harmful content); and open channels to report illegal content.

A corporate offence of failure to prevent fraud, Companies House reforms that impose integrity checks on data submitted and extant, and changes to the identification doctrine that will make it easier to prosecute senior managers - the expansive Economic Crime and Corporate Transparency Act 2023 finally received Royal Assent on 27 October. Tony Lewis, Natalie Quinlivan, Farheen Ishtiaq-Stansfeld and Katherine Varatharajah of Fieldfisher review the statute and its likely impact on business in the battle against fraud.

Milestones in mathematical research on algorithms are passed with increasing frequency, which, combined with accelerating development in artificial intelligence and quantum computing, Keith Nuthall finds could radically shift the fraud advantage in favour of investigators.