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02 October 2023

New ONS stats hold valuable lessons for corporations

The Office for National Statistics recently published the annual nature of fraud and computer misuse statistics for the year to March 2023. Mark Jones, our white collar crime specialist specialist, looks at what we can learn from the recent ONS stats.

Mark Jones comments, “whilst the overall number of incidents of fraud is down, some sectors are seeing increases. Similarly, computer misuse offences also saw a decrease.”

The biggest rise was seen in respect of timeshare/holiday club fraud (111.9% increase). Banking and credit industry fraud is down across all sectors whereas insurance sector fraud has been an increase. Does this represent higher incidences of fraud, or the fact that more victims are coming forward?

Interestingly corporate fraud (employee and procurement) saw increases across the board too. Perhaps this will lead to corporates reviewing and tightening up internal policies to detect and prevent incidences of fraud – they are of notice of the increase.

Mark Jones is a Partner in our Litigation, Arbitration and Dispute Resolution resolution Team, specialising in criminal and regulatory defence work and investigations for both individuals and corporates.

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