Why community and collaboration are central to effective counter fraud

Effective collaboration and community efforts are crucial for counter fraud teams to tackle the evolving and complex nature of fraud today.  

According to a report by the NECC (National Economic Crime Centre), 75% of frauds have an overseas component, while 80% are tech-enabled. This indicates the need for cross-sector cooperation at an international level to combat the evolving scope and scale of the threat. 

As highlighted by our Head of Policing & Government Matt Horne in our Combatting Fraud webinar, there is a “huge obligation” on the tech industry to support the free flow of information, intelligence, and data between interoperable systems to fight against fraud. This is because fraudsters often use technology to perpetrate their crimes, and counter fraud teams need technology to connect the dots and detect patterns in data.  

You can rewatch the webinar here.   

As we covered in a previous blog, by sharing data and intelligence, counter fraud teams can enhance their fraud prevention and detection capabilities. 

Coordinated counter fraud efforts

However, collaboration and community go beyond just sharing data and intelligence. Counter fraud teams must also work with industry partners, law enforcement agencies, and local authorities to develop policies, strategies, and best practices to combat fraud. This can include operational cooperation, such as coordinated efforts to disrupt fraud operations, and policy-level cooperation, such as developing legislation to address emerging fraud threats. 

Adrian Searle, Director at the National Economic Crime Centre (NECC) noted in our webinar that working with international partners is essential to bear down on the threat of fraud – this requires a coordinated approach that involves sharing information, resources, and expertise across borders.  

Mick Gallagher, Chief Investigator at the Serious Fraud Office (SFO), highlighted the opportunities for international collaboration in practice, alluding to how the SFO helped dismantle a ‘green fraud’ operation in the Amazon rainforest with the help of local authorities. 

Counter fraud awareness  

Collaboration and community are not only important for combating fraud but also for raising awareness about fraud and educating the public. Fraud prevention is a collective responsibility, and by working together, counter fraud teams can reach a wider audience and encourage individuals and organisations to take proactive measures to protect themselves from fraud. 

As the threat of fraud continues to evolve, it is essential for counter fraud teams to continue to work together and adapt their strategies and tactics to stay ahead of fraudsters. 

Focused on detection and prevention, Clue helps law enforcement agencies, corporations and public sector organisations manage intelligence and investigations into threats including fraud, money laundering and corruption, and bribery. Learn more.