Fraud experts from the police, financial services, and legal professions have delivered a stark warning that current UK fraud legislation is unable to cope with the continual rise in financial fraud.
Stephen Philippsohn, a member of the Fraud Advisory Panel, speaking at a conference run by CreditUK, in Manchester last week warned: “Fraud has a devastating effect on business, jobs, savings and pensions.” He blamed ineffective legislation and insufficient resources. “Fraud is currently costing business £14 billion per year.
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