The future of fraud prevention

Cases of fraud are on the rise. In the year ending 30 September 2016, the National Audit Office estimates that there were 1.9 million ‘cyber-related’ fraud incidents – a number that reflects 16 per cent of all crimes committed. The growing threat of fraud has a significant economic impact, with annual losses of £144 billion for businesses and £10 billion for individuals.

The Government aims to reduce fraud by updating IT systems, collecting more intelligence and working with partners inside and outside of government. Several opportunities exist to build on these approaches. Fraud-prevention programmes can be introduced into schools, to educate people from the earliest age. Law-enforcement agencies can also provide information for would-be victims of fraud, and better use cyber special constables to educate. Better data sharing between government bodies and the police can more quickly identify fraudulent activity to prevent it in the future.

Reform was delighted to convene this policy roundtable to discuss how government and law-enforcement agencies can help prevent fraud to protect businesses, the public sector and individuals. The event was held under the Chatham House Rule.

This event was held in partnership with CIFAS: