FRAUD PUNISHMENTS NEITHER TOUGH NOR NUMEROUS ENOUGH TO DETER SWINDLERS
November 6th, 2024
While the reluctance of many companies to report fraud to law enforcement is well documented, it would be a useful deterrence if those cases that made it to court generated tough enough penalties to scare some scammers from scamming.
Alas, this is not often or even usually the case. A paper from UK fraud prevention service CIFAS in September (2024) stressed that while fraud has ballooned, being 40% (1) of all UK reported crime in 2023, costing more than GBP200 billion per year (2), 86% of fraud remains unreported (3).
Set against this flood of crime is a ...
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