Mishcon de Reya Fraud experts comments on FF UK report- one scam 'every 15 seconds'
Comment for immediate release
There have been more than one million incidents where people lost money as a result of financial fraud recorded between January and June, according to Financial Fraud UK (FFUK). Mishcon de Reya is engaged in a new two-year initiative being piloted by the City of London Police and others, which will see law enforcement working together with the private sector to identify, seize and recover assets from criminals under civil asset recovery legislation. Mishcon de Reya Fraud Partner, Rob Wynn Jones, said:
"This information from FFUK unfortunately comes as no surprise to us. In recent years, we have seen an enormous increase in cyber fraud, both on an individual and business level.
"The reality is that the police, despite their best endeavours, are massively under resourced to deal with this issue. It is simply not possible for them to investigate and obtain recoveries for all victims of this type of fraud.
"As civil fraud lawyers, we have traditionally dealt with large value frauds, but most frauds are of high volume and lower value – as this FFUK's figures show.
"Along with the Police and the government, we are considering ways to tackle this type of fraud given the sheer volume and limited resources.
"The aim of the two-year scheme is to trial the civil recovery of assets, which will be carried out by private solicitors and asset recovery firms. For selected cases, they will take on responsibility to identify and recover assets for victims of fraud and financial crime using civil asset recovery legislation. In parallel, the police will carry out any possible criminal investigations and prosecutions against the individuals involved."
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