Welcome to The Fraud Cast, our new series of webcasts and content focussed on how we can better identify, detect and manage fraud and integrity risk within organisations.
Fran Marwood, Head of PwC’s Digital & Forensic Investigations practice hosted the first webcast in the series and was joined by a panel of experts to discuss the latest view of fraud risk and emerging fraud trends, informed by the results of our 2022 Global Economic Crime Survey. It is clear that fraud is now a greater and more costly threat than ever before, and the risk landscape is continuing to undergo constant change. It is vital for you to consider your organisation’s readiness and resources to deploy effective fraud-fighting measures, and to act quickly when economic crime is encountered.
Make sure to watch the recording of the webcast which can be found below.
We provide insights into The Economic Crime and Corporate Transparency Act as well as the wider economic crime implications of the Act, our panel explored the new failure to prevent fraud offence introduced by the Act, including the imminent Home Office guidance on reasonable fraud prevention procedures and the impact that this will have on businesses both now and in the future.
During the webcast we explore how AI is transforming the fraud risk landscape for businesses and consumers. As well as discussing how new technologies are creating opportunities for better fraud prevention and detection, and how they may be used in the future to proactively disrupt criminality.
We provide insights on what organisations can put in place to reduce and respond to the types of fraud we expect will become more prevalent in the coming months as economic pressures increase.
With the recent changes in UK, US and EU sanctions regimes and the UK’s Office of Financial Sanctions Implementation (OFSI) now able to impose fines on a strict liability basis, the challenges facing organisations to ensure they are compliant with sanctions legislation have never been higher. Watch our sanctions focussed episode of the Fraud Cast to hear the latest developments and what you should be doing to protect your organisation from the risks of non-compliance.
During the webcast, we discussed what the BEIS Response Statement says about Fraud and Fraud Risk and the steps that we think companies should be taking, including the importance of prevention and detection controls and a robust fraud risk assessment.
Since we published our last Global Economic Crime Survey report in
2020, we have seen levels of disruption across the world that we could
never previously have imagined. The result has been immense uncertainty and stress for individuals and organisations – with one impact of the widespread disruption being rising fraud.
Forensic Services Partner, Supply Chain Resilience Leader, PwC United Kingdom
Tel: +44 (0)7770 921256
