Part 3: Increase in organised criminal activity

In part three of this series, we break down how and why organised crime groups (OCGs) are likely to increase their activities during a recession.

Organised crime is unfortunately not impervious to a recession. Financial institutions are at risk of inadvertently providing services used by OCGs to launder money, and leaving vulnerable customers more susceptible to:

• Money muling
• Loan sharks
• OCG recruitment
• Modern slavery and human trafficking

Learn more about how to spot the red flags.

Part 2: Increase in scams

Part two of this series explores the various types of scams FIs should be aware of to help protect their customers during the recession.

Social media, fake websites and impersonation of delivery and utility companies are just some of the ploys used by fraudsters to scam unsuspecting people out of their money during this period of economic downturn.

In part two of our series, find out more about:

• The types of scams that may be directly correlated to the cost of living crisis

• Some of the key controls that FIs can implement to help protect their consumers

Part 1: Increase in customer fraud

This document is the first in a series of advisory notices on financial crime threats predicted to rise during the economic downturn.

This document provides information on detecting and overcoming various forms of customer fraud, including:

False fraud claims
Insurance fraud
Lending fraud
Employee fraud
Tax fraud

Learn more about the red flags to look out for to help minimise the impact of customer fraud on your business.