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Theresa May, has set up a new taskforce, which will bring together police, banks and Government officials in an effort to reduce the number of fraud investigations in the United Kingdom.

According to figures produced by the Office for National Statistics (ONS) and reported by the BBC last year, around 5 million incidents of fraud are recorded every year in England and Wales.

Theresa May’s Joint Fraud Taskforce will comprise Financial Fraud Action UK, the City of London Police, the National Crime Agency (NCA), the Bank of England (BoE), fraud prevention organisation Cifas and the CEOs of the major banks operating in the UK.

The main purposes of the taskforce will be to compile a list of the top 10 fraudsters and organised criminals, enable intelligence sharing between banks and law enforcement as well as train bank staff to help identify fraud victims or potential victims.

The force also plans to address the process by which fraud victims receive refunds, raise awareness of preventative measures to combat fraud and identify weaknesses in computer systems and processes.

Theresa May said: “Fraud shames our financial system. It undermines the credibility of the economy, ruins businesses and causes untold distress to people of all walks of life.

“For too long, there has been too little understanding of the problem and too great a reluctance to take steps to tackle it.”

Although businesses should be constantly alert to the possibility of fraudulent activity, especially with the rise of online fraud and malicious phishing attacks, it’s not always possible to spot every confidence trick out there before it’s too late. That’s where forensic accounting can help you to track down where your company’s money has gone and can help you to recover any losses.

For expert help with a fraud investigation contact Frenkels Forensics for an independent appraisal.

Alternatively, if you’re looking for advice in any aspect of forensic accountancy, then do get in touch via Twitter, Google+, LinkedIn or by visiting our website www.frenkels.com

By Vitek Frenkel – find me via Google+.