Financial crime fraud

The impact of financial crime fraud has continued to increase in recent years, with one industry report stating that losses from fraud in the UK payments industry reached over £732m in 2015. Whilst the Office for National Statistics estimated there were 5.1m fraud incidents in the UK 2014/15.

It comes as no surprise then that Bovill has seen a rise in the number of financial crime fraud queries from our clients. The key areas of concern have related to procurement fraud, customer identity fraud, internal collusion, cyber fraud and information theft. Worryingly, statistics also show that as firms attempt to protect themselves, fraudsters are adapting their methods and exploiting any unmitigated weakness. This is particularly evident in the increased number and scale of cyber-attacks we have seen impacting firms across the country.

With the increasing level of threats, the FCA expects Senior Management at firms to be proactive in identifying any financial crime fraud risk and ensuring the adequacy of mitigating controls. Firms are expected to consider the full implications of a fraud risk materialising and the wider reputational effect it may have on customers and the markets in which it operates.

How we can help with your financial crime fraud

Bovill’s regulatory experts have extensive experience of financial crime fraud risk management and fraud controls assessment and testing. Combining that with a breadth of knowledge relating to the wider field of financial crime and market awareness, our consultants will be able to:

  • Assess your business’ fraud risk
  • Conduct a fraud systems and controls health check
  • Implement comprehensive fraud Policies and Procedures for your business and
  • Design and deliver tailored fraud training for your employees.

If you would like to hear more information on our financial crime fraud risk management and fraud controls assessment, please get in touch with one of our regulatory experts below.

Share this