Fuelling The Fraud Explosion
As incidences of fraud skyrocket, Richard Kusnierz argues that UK financial businesses are failing to adopt simple, low-cost steps towards rectifying the problem. But is the government to blame?
Identity theft continues to spiral; VAT fraud has grown so fast its impact is actually throwing doubt on the veracity of UK trade figures; and reported fraud in the UK has reached a 10-year high, with cases involving almost £1 billion reaching the courts in 2005, according to a study by KPMG.
And yet the endemic confusion surrounding the right of an organisation to use or share employee/customer and partner information to counter fraud is fundamentally undermining the ability of UK organisations
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