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As well as producing our own reports and content (as shown in earlier previews) we will also re-post a selection of news stories and reports from the internet such as the above from Business Technology.

“Singapore-based Utiba annually processes more than 12 billion consumer mobile payments made with small banks and payment schemes” says Patrick Carroll, ValidSoft CEO. ValidSoft plans to keep Utiba transactions secure through its system called Secure Mobile Architecture for Real-time Transactions, which features five layers of data security. The system analyzes consumer passwords and cell phones and adds voice biometrics, cell phone proximity correlation, and one-time encrypted certificates for data….

#TheFraudTube recently received a typical 419 scam email…while we have seen far worse ones in terms of quality this one wasn’t too bad…but still a major #fail.

Don’t be fooled by these kinds of messages!

For the last couple of years at numerous conferences we have been warning that with the growing popularity of Apple products there will be an increased risk of security issues and malware as the focus shifts a little from Microsoft. Lets hope that Apple demonstrate a commitment to resolving security issues as they are discovered.

We are now just two weeks away from launching www.TheFraudTube.com! The launch is timed to coincide with the forthcoming 2012 MRC European Congress in Dublin. #TheFraudTube will be providing media coverage and will interview key speakers and a selection of attendees. Companies already registered to attend include:

Adidas • Apireon • Apple • ASOS • Badoo • Blizzard • Carphone Warehouse • eBay • Electronic Arts • Expedia • Facebook • GARMIN • Google • itx ecommerce • Jagex • Nike • Paddy Power • Pokerstars • Skype • Sony • Spotify • Symantec • Yoox • Youzee • Vistaprint • Zalando

We hope to see you there to help us mark this special occasion. To download the event flyer please click here.

The hacking group Anonymous says it will launch online attacks every weekend in the wake of allegations it disrupted access to the Home Office website.

Anonymous Twitter messages warned of the attack on 4 April, and said: “EXPECT a DDOS (Distributed Denial of Service) every Saturday on the UK Government sites.”

A real-life caped crusader is stopped by police in the US after he is spotted in his black Lamborghini ‘Batmobile’ without having any number plates on the vehicle.

Raising money for start-ups via the internet is set to become easier after a new bill was backed by the US House of Representatives. However, critics have warned the measures could lead to increased levels of fraud.

In preparation for the launch of TheFraudTube.com at the 2012 MRC European Congress we have attended a series of events and provided some live coverage via Twitter as a test run for how #TheFraudTube will report at future events that are of specific interest to the counter fraud community. The events attended so far have included:

• The ACFE European Conference, London
• CIFAS Conference, London
• London Metropolitan Police “Operation Podium” Economic Crime Conference

As well as blogging live via Twitter, we have also been busy taking photos and video content and in due course this material will be included in a set of event reports. As a sneak preview here is a short clip of James D. Ratley, CFE taken from the opening/keynote session at the ACFE European Conference:

Lookout for more news as we continue to prepare for the launch of #TheFraudTube…

The third Annual Fraud Indicator (AFI) provides the best estimate of the cost of fraud to the UK economy.

(Please see below for the full report)

Annual Fraud Indicator

Often thought of as a ‘victimless’ crime, the report shows the true extent to which fraud touches all sectors of society - from big business to the most vulnerable individuals.

The latest estimate demonstrates the success of the NFA and its partners in uncovering losses which were previously hidden, helping organisations to actively prevent this type of crime in the future.

Stephen Harrison chief executive of the NFA said:

‘From large businesses and high street retailers to pensioners in their own homes, we are all at risk of becoming victims of fraud. It is often a hidden crime but it can have devastating consequences.

‘But fraud can be beaten and we are building the tools to hit back. The AFI allows us to target resources in the areas worst hit. It gives a sense of the real size of the problem and helps raise awareness, incentivising us all to better protect ourselves.

‘Last year we launched Fighting Fraud Together in partnership with business and the voluntary and public sectors to reduce fraud increase intelligence sharing and bring more criminals to justice.’

Total loss estimates

Today’s estimate brings together new and existing estimates of fraud to allow the NFA to reveal losses which would otherwise remain hidden.

In particular during the last year the NFA sought to fill gaps in its knowledge by conducting primary research into the scale and nature of fraud against the private and not-for-profit sectors; procurement and payroll fraud; identity and mass marketing fraud against individuals; and the organised crime threat.

Due to this improved research for the first time the AFI shows that fraud against the private sector represents the highest proportion of loss - with almost £19billion suffered by small to medium businesses. Estimated cost of fraud against the public and not-for-profit sectors is lower than previous estimates at £20.3billion and £1.1billion respectively.

Total loss estimates by sector are:

• private – £45.5 billion
• public – £20.3 billion
• individuals – £6.1 billion
• not-for-profit sector – £1.1 billion

Both the government and NFA, which was created to tackle fraud, have been working hard with a wide range of partners across all sectors to crack down on this crime. The National Crime Agency (NCA) will spearhead the fight against serious and organised crime and its Economic Crime Command will focus on bringing fraudsters and organised financial crime gangs to justice.

Fighting Fraud Together

In October last year the NFA published Fighting Fraud Together (FFT) – the national strategic plan to reduce fraud. The plan brings together 37 public, private, voluntary and law enforcement agencies to improve the collective response to fraud and the damage it causes to individuals and the economy.

James Brokenshire Minister for Crime and Security said:

‘For too long fraud has almost been seen as a victimless crime. It isn’t – it is used by serious criminals to fund anything from human trafficking to drug dealing and too often victims are some of the most vulnerable members of our community.

‘Today’s report helps us understand the scale and nature of the threat, including a £20billion cost to the public sector. Ripping off the taxpayer will simply not be tolerated. The government’s strategy to reduce fraud is already producing results – this includes Fighting Fraud Together which allows us to better target, prosecute and prevent fraud.

‘Fraud by organised crime groups is estimated to cost at least £10 billion. The new Economic Crime Command in the National Crime Agency will provide a more effective and co-ordinated response to deal with fraudsters and other serious criminals.’