Commander Steve Head from the Economic Crime Directorate at the City of London Police discusses new police structures and the approach to fraud at a local, regional and national level.
The threat from fraud T
he threat from fraud is both serious and complex. It continues to grow and have
a detrimental impact on individuals, local communities and businesses. The 2012 Annual Fraud Indicator, issued by the National Fraud Authority, estimated that the cost of fraud to the UK economy was £73.38 billion and the National Statistician’s Review of Crime Statistics for England and Wales identified fraud as one of the most important gaps in crime.
It is clear that technology is a driving and emerging trend in fraud with the Internet becoming the biggest single enabler. One such type of technology-enabled crime is boiler room fraud. This is where tens of thousands of people can be targeted simultaneously, from a geographically remote location to sell fake shares. People across the world are being defrauded of many billions of pounds in this way, money that could have been invested in legitimate markets.
Action Fraud is the central recording system for fraud-related criminality in the UK and in
Universal Security Systems A new response to the
economic crime will be reflected in a continuation of this high level of reporting.
A new approach
Although the threat is great, we are working in new and innovative ways to meet the challenges head on and are in the process of implementing new systems to deal with the threat nationally. Building on the success already achieved through Action Fraud and the National Fraud Intelligence Bureau, we aim to create a network of intelligence hubs and investigators across the country, dedicated to the analysis and investigation of fraud crime. The coordinated and integrated systems we are putting in place will enable, for the first time, a standardised and highly effective approach to tackle fraud across the country.
Integral to the success of these new systems are the unique private-public partnerships we are constantly developing. Little would be
Early successes
We have seen huge success from these new systems already. The City of London Police has secured the first UK convictions for land banking fraud, carbon credit fraud and the first ever arrests for pension liberation fraud. These types of fraud often target the vulnerable in our society and emerge as a reflection of evolving market conditions and the overall economy. Our close links with the financial markets mean we have gained an in-depth understanding of how these financial products and services should be working legally and, therefore, can determine when criminals are exploiting these areas. These effective links with industry combined with the analytical power of the systems within the National Fraud Intelligence Bureau, coordinated with skilled investigation teams, are drivers for success and a sign of what can be achieved by fraud investigators across the country.
the year 2012-2013, 126,196 crimes were recorded; however, the reporting rate actually increased by 172% over the course of the year. This rise has continued into April 2013 with the roll out of Action Fraud across England and Wales and it is anticipated that increased awareness of Action Fraud and
achieved without wholeheartedly committing to a partnership style of working and creating strong engagement with our stakeholders. By fully engaging with our partners they can trust in the integrity of the new systems and appreciate the benefits they can take from them.
Providing Excellence through Partnerships 6 © CI TY S ECURI TY MAGAZ INE – SUMME R 2013
Electronic Security - Global System Solution Specialist
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