Surging Financial Crime in a Digitised World

Cityforum and the City of London Police are joining forces to hold this strategy Round Table on surging financial crime in a digitised world. The City of London Corporation are supporting the event which is designed to review present risks, future threats and the actions mostly in partnership, that can be decisive against agile opponents with technical capability and the wide freedom in which to act.

The agenda focuses on fraud which has grown at an exponential pace as cyber and cyber enabled crime have permitted criminals to develop their activities on a vast scale and with much less risk of arrest and punishment than has been the case with traditional criminality. The ability of wrong doers to operate globally presents police and prosecuting authorities with complex challenges and the continuing revolution in information technology provides new opportunities for criminals to pursue their ends.

Fraud covers a very broad spectrum of activities from small scale, but often devastating thefts from vulnerable individuals, to massive onslaughts against banks, corporates, public sector bodies and governments. Attacks on individuals cause a particular furore among politicians and initiatives such as the Joint Fraud Task Force in the UK have been developed by governments in response. Fraud against public sector bodies has been highlighted by the National Audit Office and major acts of dishonesty perpetrated by insiders in financial institutions, and sometimes by the institutions themselves, have led to sharply increased action by such bodies as the Office of the New York District Attorney and the Serious Fraud Office in the UK.

Investors, customers and savers are dependent upon the efforts of governments, regulators, police and prosecutors to prevent, prosecute and disrupt cyber criminals and the reputation of financial centres is dependent on the integrity of the institutions and people working in them.

The resources of law enforcement are limited and the attractions of cyber crime as a business are growing apace.  The authorities can, however, work with private sector security specialists to put pressure on the fraudsters and this Round Table explores what can be done in partnership to strengthen preventative measures, reduce the attractiveness and lessen the proceeds from cyber enabled crime. The private sector has much relevant capability and the police, prosecutors and courts with business can extend their reach if they succeed in growing and maintaining partnerships with business. Effective relationships and increased international corporation by law enforcement could make a serious difference to outcomes in the contest with fraudsters.