Central to ECCTA 2023 is the new corporate offence of Failure to Prevent Fraud, which holds organisations criminally liable if they lack processes to stop fraudulent activity. While some sectors like financial services and law are more vulnerable, all businesses face risks under this law.
In this guide you'll learn more about the key aspects of Fraud offences, the different motivations and parts of the decision making process that leads to fraud, and how to establish your Fraud Prevention strategy in the business to reduce risk and ensure compliance.
You’ll learn more about:
The Fraud Act 2006 and Key Offences
The Failure to Prevent Fraud offence under ECCTA
Internal vs External Fraud and the reason behind it.
The Fraud triangle and the decision-making process.
The vital parts of a Fraud Prevention Strategy.
Reduce business risk with our Fraud Prevention training courses
Fraud Prevention
Fraud can have grave consequences for companies, employees, and customers.
Fraud Prevention
Fraud is criminal or deceptive behaviour aiming to secure an unfair or unlawful gain through deliberate or dishonest misrepresentation.
Abuse of Position
Fraud by abuse of position occurs when someone in a position of trust dishonestly exploits their role for personal gain or to cause loss to others.
Understanding Fraud
Fraud is a deliberate act of deception aimed at obtaining an unfair advantage, often causing harm to individuals or organisations.
Identity Fraud
Identity fraud occurs when criminals steal personal information to commit fraud, often leading to financial loss and reputational damage.
Identity Crime
Identity theft involves criminals obtaining and misusing someone's personal data to commit fraud.
Failing to Disclose Information
Fraud can occur when someone deliberately withholds information to gain an unfair advantage or cause loss to others.
Customer Fraud
Customer fraud poses serious risks to businesses, from chargeback fraud to false complaints.
Supplier Fraud
Supplier fraud occurs when vendors engage in deceptive practices, such as false invoicing, overpricing or bribery.
Authorised Push Payment Fraud
Authorised push payment fraud occurs when scammers impersonate trusted figures to trick individuals into transferring money.
False Representation
Fraud by false representation happens when someone deliberately provides misleading or untrue information for personal or financial gain.
Economic Crime and Corporate Transparency Act 2023
The Economic Crime and Corporate Transparency Act 2023 expands corporate liability for fraud and financial crimes.
Employee Fraud and Insider Threats
Employee fraud can take many forms, from theft and false expense claims to data misuse and conflicts of interest.
Fraud Offences and Penalties
Fraud is any dishonest action or omission intended to gain or cause a loss, regardless of whether it is temporary or permanent.
Mandatory Leave
Mandatory leave is time off that certain organisations enforce to help prevent fraud, errors and other risk incidents.
Preventing Corporate Fraud
Corporate fraud involves illegal activities committed by an organisation or individuals acting on its behalf.
The Fraud Triangle
Fraud is often committed by ordinary people who find themselves in difficult situations and make poor choices.
Abuse of Position
Abuse of position is a type of fraud that employees can commit, sometimes inadvertently, when they use their position at the Company for their personal gain.
Financial Integrity
The integrity of financial reports is paramount for any company.
Fraud Prevention for Managers
The consequences of fraud are very serious for both companies and employees alike.
Fraud Prevention
Fraud is criminal or deceptive behaviour aiming to secure an unfair or unlawful gain through deliberate or dishonest misrepresentation.
Download the guide
See how best to approach Fraud Prevention in your organisation to ensure compliance
