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Tackling the Surge in Fraud

“While banks are of course targets for fraud, today businesses are firmly in the firing line, with virtually all sectors of the economy under threat from fraudsters”

“Scandal over police failure to pursue millions of online frauds”

“Fraud could be costing NHS in England £5.7bn a year, says report”

Recent headlines have been dominated by the surge in fraud. Indeed this month NatWest prepared an article designed at identifying the golden rules that should be followed in order to be protected from fraud. Whilst the article focussed on common frauds (telephone, email and malicious software fraud), cheque fraud and invoice fraud, these frauds are merely the tip of the iceberg as fraudsters become increasingly more sophisticated. In the last year alone, we have acted in a multitude of diverse fraud cases across a range of jurisdictions involving email hacking, fraudulent websites, employee and management frauds, investor frauds, misstated accounts, false statements to the market, commodities fraud, banking frauds, the dissipation of assets, and bribery and corruption, to name but a few cases.

One of the themes of the media’s coverage of this area is a suggestion that fraudsters are winning the battle in the fight against fraud, with under-resourced law enforcement authorities incapable of keeping up with perpetrators of fraud. For example, one recent statistic suggested that there have been an estimated 3.2 million frauds over the past year but less than 9,000 convictions.

Whilst such figures are unattractive, they do not appear to take into account the number of successful pursuits of fraudsters in the civil arena. In that regard, choosing the right representation is fundamental to pursuing a strategy which not only leads to securing settlements and judgments against fraudsters but the recovery of assets from them as well. In that regard, PCB Litigation has a long track record of success, both domestically and as part of the ICC’s renowned FraudNet taskforce which provides an immediate global response unit containing dedicated fraud specialists.

The reality of the pursuit of fraud is not the gloomy picture that the media portrays.