PwC comments on the government’s fraud strategy

Harry Holdstock, Financial Crime Partner, PwC comments: 

“We’re pleased to see the launch of the government’s new fraud strategy, which seeks to respond to the estimated £7bn annual cost of fraud in the UK and reduce fraud by 10% on 2019 levels by 2025. With fraud now running at over 40% of all crime, through our work we regularly see the damage that it has on companies and individuals, and the new measures to tackle it are a positive development. 

“The strategy includes a focus on tackling scams, with plans to prevent scams from reaching people, allowing easier reporting of scams on social media platforms, and bringing fraudsters to justice. Investment will also be made through the launch of a National Fraud Squad led by the National Crime Agency and the City of London Police. This aims to have a more coordinated national approach to fraud, and to include the creation of new proactive investigations teams.  

“At PwC we see fraud as a key challenge facing modern society and are committed to contributing towards a solution, and in that context we’re very supportive of this new strategy. Although fraud is a perennial challenge and fraudsters are smart and agile, this marks a good initial step towards cracking down on the problem.  For more insights on how to manage fraud in your organisation, please visit our FraudCast web hub.”