Cryptocurrency has been a huge trend for many years now, and as it gets more popular, it becomes more of a playground for scammers and fraudsters. With crypto trading not being regulated as well as many more people having been scammed from a range of different methods such as the everyday taxpayer, the government have been working hard to find a method where they can help to recover losses from a range of different scams. In this blog, we will go through why the British government have now created a fraud squad.
What Will The Public Sector Fraud Authority Team Consist Of?
A new team has been put together to help remedy and search for fraud committed against the general population. The team’s goal for the first 12 months is £180 million in recovery.
The Government Efficiency Minister Jacob Rees-Mog has called for a new public sector for Fraud Authority with a target of £190 million in identified fraud recovery. The Domestic And Economic Efficiency And Value For Money Committee has ensured that there are long-term targets in place by the end of this year.
The Public Sector Fraud Authority will consist of counter-fraud and data experts whilst using the most innovative and latest technology and advanced analytics to help protect public money. The team will also be supported by a cross-sector advisory panel that can provide expert advice and help shape the approach in a strategic method for fraud prevention and reduction. The advisory panel will have a chairman, which will be announced in September.
What Will The Public Sector Fraud Authority Do?
The new Public Sector Fraud Authority will be backed by a £25 million fund. The whole organisation will modernise the existing counter-fraud response and will work closely with a range of departments and public bodies to test fraud defences. They will use leading best practices and innovative techniques to put more pressure on fraudsters. The backing will also help to create stronger safeguards in place by doing the following:
- Agree on ambitious counter-fraud plans for all departments and public bodies to review progress.
- Regularly brief cabinet ministers directly on the latest fraud landscape. This includes the treasury and cabinet office.
- Provide expert knowledge and support regarding fraud risks and threats that are regularly faced. Then help to create a defence against these and test them thoroughly.
- Create a new National Counter Fraud Data Analytics Service that can provide advanced data capabilities. This includes social network analysis to help point out, fight and prevent fraud against taxpayers.
- Intensify the use of fraud intelligence across a range of sectors to combat a range of different specific threats.
Government Body Comments
The Minister of Government Efficiency, Jacob Rees-Mogg goes on to say that public sector fraud is not a personal attack, but due to the money being lost in the government, it is mostly taxpayers’ money. The Public Sector Fraud Authority will help support BEIS and bank lenders with more advanced data analytics to find and recover fraud losses.
The Chief Secretary to the Treasury Simon Clarke has gone on to say that the new body will put pinpoint precision on fraud and refresh their efforts to combat people taking advantage of different sectors. He also went on to say that it will also reinforce the wider investment in the government to crack down on fraud. This includes a £210 million investment for HMRC and a £510 million investment for DWP to target welfare fraud. Whilst a new chair is being discussed, the team is being led by Mark Cheeseman OBE who is an internationally known public fraud expert.
The Interim Public Sector Fraud Authority CEO, Mark Cheeseman has said that they need to raise the ambition and challenges to increase the impact of this underestimated crime. The launch of the Public Sector Fraud Authority is built on the success of the National Fraud Initiative which prevented more than £200 million in pension fraud.
This is a fantastic new initiative and we certainly welcome this to help everyone and every sector to fight and recover from fraud. If you believe you may have lost money through crypto scams, then contact us today and we will be able to help you recover your losses.