Fraud Risk Consulting

Tag: Telecoms

POCA and Telecoms Crime

For some time I have been highlighting the failure of UK authorities to deal with the proceeds of telecoms crime.  TelCos agree that crime would be reduced if payment didn’t reach the fraudsters, but they don’t have a consistent and effective means of stopping those payments.  POCA (Proceeds of Crime Act 2002) creates powers to seize funds via both civil and criminal courts but UK authorities have failed to make any visible effort to use it.

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The Billion Dollar Risk

How much will you lose in a big telecoms fraud?  You may reasonably point out that ‘big’ is relative to the size of the company but for the sake of discussion, let’s say the question relates to the whole industry.  So, how big is ‘big’?  I’m thinking in round numbers here, but I’d say $1m is big, but not exceptional.  $10m is big and $100m is exceptional, almost unique.  So do you think you have a billion dollar risk from telecoms fraud?

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