28th June 2022

The Future Of UK Fraud-Challenging High-Volume, Automated Crime-Z/Yen
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The UK has been hit by a tsunami of fraud. The Victims Commissioner estimates that fraud now accounts for 39% of all crime. Royal United Services Institute RUSI), has identified fraud as a potential national security issue, which contributes to the funding of terrorist organisations, and may have the backing of rogue states.

Z/Yen’s latest research report, “The Future Of UK Fraud - Challenging High-Volume, Automated Crime"(Long Finance & Distributed Futures, 74 pages), unpicks this Gordian knot of fraud, identifies the systemic weaknesses in UK’s defences, and makes recommendations as to how the UK can protect its citizens from increasingly sophisticated, international fraud organisations.

The report sets out several detailed suggestions under five challenging areas:

- measure & manage fraud systematically
-automate offensive & defensive tools
-nurture global grassroots coalitions
-provide a national identity infrastructure
-grow a victim-oriented anti-fraud culture

Professor Michael Mainelli, Chairman of Z/Yen Group and a co-author, comments “Fraud is never a victimless crime. Behind dry figures lie ruined lives, mental anguish, and the erosion of trust that allows society to function. High-volume automated fraud is international and should be treated as an endemic problem to be treated with a number of remedies from victim support to open source intelligence. While prosecution is important, perhaps more important is active, automated defence.”
The full report is available to download at:

https://www.longfinance.net/media/documents/The_Future_Of_UK_Fraud_-_Challenging_High-Volume_Automated_Fraud_2022.06.16_v4.6_1.pdf

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