We must ensure watchdogs have the resources and time needed to prosecute those who commit major fraud. new home office fraud legislation exposes

1. Fraudulent claims

Fraudulent claims can drive up insurance premiums for everyone, including small business owners. Employees should be trained to recognize red flags and report suspicions. Call center staff, policyholder service professionals and other employees in non-claims roles can be great resources for identifying suspicious activity. new Home Office Fraud Legislation Exposes Employers to Risks

2. Fraudulent payments

The era of the digital economy is replete with new avenues for criminals to steal payment information and make fraudulent transactions. From hailing a taxi to socializing, shopping and even finding love, consumers are now using a myriad of payment apps and peer-to-peer platforms that fraudsters exploit.

The most common examples of payment fraud include ATE, wire and check schemes.

3. Fraudulent remittances

Scammers target remittances to steal workers’ hard-earned money.

Remittance transfer providers are subject to Bank Secrecy Act (BSA) requirements and may be at risk for money laundering.

4. Fraudulent withdrawals

This type of fraud can result in fraudulent withdrawals from bank accounts.

To prevent this from happening, companies should have clear policies and procedures in place – known to all staff – for verifying high level payments or requests and should include a call to the CEO or senior management.

5. Fraudulent repayments

Fraudulent repayments are a major risk to businesses, It’s essential to understand how payment fraud feeds into a firm’s AM/CF risks, and to make sure fraud and AM/CF departments are actively communicating and working together.

Critical enforcement steps will include $600 million to provide watchdogs with the resources and time needed to go after serious pandemic fraud – from fronting to charge back fraud, and from sham employment to wire fraud needs read more hear.