Fraud rates soaring during cost of living crisis - experts confer in Belfast

Held at the Hilton Hotel Belfast today, the conference brought together private, public, and third sector organisations from across Northern Ireland.The conference came as new data published by Cifas, the UK’s leading fraud prevention service, revealed that cases of fraud have continued to soar during the cost-of-living crisis across the UK.In the first nine months of 2022, over 309,000 cases were recorded to the National Fraud Database, a 17% rise compared to last year. This also marks an 11% increase on pre-pandemic levels.Bill McCluggage, Chair of the NI Fraud Forum, said: “Today’s inaugural Northern Ireland Fraud Forum Annual Conference has come at a very significant time. As recent Cifas figures have shown, incidences of fraud are rising rapidly at a time when businesses and households are financially vulnerable. Firms are trading in particularly volatile and challenging times with rising costs, spiralling inflation, hikes in interest rates, and a looming recession, while households and workers have seen their disposable incomes decimated."According to the National Crime Agency, fraud is the most commonly experienced crime in the UK. Fraud offences reported to the National Fraud Investigation Bureau rose by 17% between March 2021 and March 2022, and the number of annual reported fraud cases has now reached a staggering 936,276 offences. The experience of businesses, organisations, and citizens in Northern Ireland is no exception and surely it is now time to collectively do more to challenge this crime epidemic.“It’s clear that fraud is rising at an alarming double-digit rate and all of us are vulnerable to phishing attacks, scams, and fraudsters who are intent on hurting people financially."Taking place during International Fraud Awareness Week, the conference followed a successful launch of the body back in April and a number of masterclasses on fraud and financial crime for members throughout the year.The group includes members such as law firm Eversheds Sutherland, accountancy firms Grant Thornton and FPM-AAB, as well as HM Revenue and Customs and the PSNI.Today’s conference featured a keynote speech from Emma Luxton, Head of Proceeds of Crime and International Assistance at the UK’s Serious Fraud Office.