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Blog : BOARD TALK

City Of London Police Think Big & Smart On Fraud

Posted on April 16, 2012 at 1:55 PM

I never expected to be linking here to the Cty of London Police website. But Adrian Leppard, Commissioner of the City of London Police, which is the UK's lead force for fraud has been innovative on how to deal with budget cuts while reinforcing the message that fraudsters should be scared enough to think twice - and also expanding the club of the 'good guys', which is essential.


It is launching an 'academy' next year that will teach investigators around the world how to fight fraud. Mr Leppard told the Financial Times that the academy could make a £2m profit within two years of starting up.

 


Thirty-seven organisations joined forces today to launch ‘Fighting Fraud Together’, a new strategy that aims to reduce fraud - a crime that affects everyone and is estimated to cost the UK £38 billion every year.It is the first time that the government, industry representatives, voluntary groups and law enforcement agencies have joined together on such a large scale to sign a joint commitment to tackle fraud.


 

This is the bit I think is exciting : All thirty-seven partners that have signed up to Fighting Fraud Together will contribute to and be accountable for its success. They are intent on expanding and extending the successful activities that exist in their sectors and sharing fraud intelligence across boundaries to prevent and disrupt the activities of fraudsters.


 

According to the FT, there has been particular interest from China and the Middle East on the workings of the academy. This is like all excellent ideas: it seems deceptively simple, but it needs big thinking and someone to take the initiative to do it. Apparently Mr Leppard has responded to the budget cuts by persuading insurance companies to give £8.2m towards a dedicated team to tackle insurance fraud.


Big business has deep pockets - I seem to recall a piece about British companies sitting on huge piles of cash rather than spending it - where better to spend it than in a way that ensures better business all round - £38bn in the UK alone is an awful lot of waste.

Categories: Scrutiny, Accountability, Transparency