Responding to fraud and economic crime: Where can we look for good practice post Covid-19?

Chair: Martin Gill

Panellists:
Mike Haley, Chief Executive Officer at CIFAs (UK)
Marc McAuley, Head of Counter Fraud Operations at Chartered Institute of Public Finance and Accountancy (UK)
Claire Jenkins, Forensic Accountant at Companies House (UK)
David Clarke, Director, Head of Integrity and Multilingual CDD at Guildhawk and Chairman at Fraud Advisory Panel (UK)

Key points

In this webinar we invite four panelists who have been involved with the Tackling Economic Crime Awards (the TECAs), three judges and a winner (Claire Jenkins) assess the current responses to economic crime and consider how they are likely to progress.

You will witness Claire discussing how Covid-19 has highlighted some good practices from responders and this provides a base on which to build. She suggests we should not be surprised by offenders, they are able and know what they are doing and the virus has created endless opportunities, aided by such things as weak systems and fake auditors’ reports, and spurred on by the number of companies needing cash and being able to get it fraudulently. Note the points about weak due diligence with regards to factoring contracts.

Mike Haley discusses how fraudsters are using Covid-19, and people’s fears and uncertainties, as a cover for offending. You will witness him talking about different types of offences some of which he describes as more sophisticated: impersonation fraud – scammers impersonating council workers and bank employees – the largescale harvesting of data, the increases in infected computers with malware, identity frauds, misuse of facilities and many more we don’t yet know about. For optimism he points to the increased sharing of intelligence; improvements in communications with more consistent messaging; good examples of focussed enforcement action; and the potential of economic crime command. But no one can be sure these benefits will be built upon. Law enforcement and regulations are not joined up.

Marc McAuley builds on this. He discusses the role of victims and notes the ways in which different groups are vulnerable. This occurs because people and organisations are operating in unfamiliar territory; they are worried about keeping jobs or the fact they have lost them, some are on benefits or applying for grants for the first time, don’t be surprised he says, that fraud grows. He calls for action now not later. In particular you will witness him herald the advantages of a more united approach to law enforcement to be brought about by high level support.

David Clarke summarises some of the good and less good developments; the forging of partnerships with the potential to change for the better on the one hand, the high number of SMEs isolated and in need of support on the other. He warns of the close links between a business in trouble and a corrupt business; desperation drives that. He makes a plea for better systems and has you will hear him highlight examples. He warns against complacency, and the folly of blaming the police service for faults that rest elsewhere.