His Majesty’s Revenue and Customs (HMRC) has significantly ramped up its anti-fraud initiatives by investing nearly £300 million into fraud prevention and enforcement. This move comes in response to the increasing sophistication and volume of fraud attempts that have been affecting both government bodies and private organizations.
- “A Freedom of Information request by Basware to HMRC looking at the department’s fraud spending and prevention program between 2021 and 2024, found it spent £290,780,732 on 4,820 full-time fraud staff over the past year.
- Spending on fraud staff steadily increased each year from £243mn in 2021-22 to £279mn in 2022-23 to £290mn in 2023-24, an increase of 19 per cent.
- The number of full-time fraud staff has dipped slightly from 2022-23 when there were 4,877 employed compared to 4,820 in 2023-24.”
Jason Kurtz, CEO of Basware, "65% of organizations were victims of either attempted or actual fraud last year, according to the Association for Financial Professionals, and the rise in attacks is likely behind HMRC’s ramped up anti-fraud program.
Kurtz says “ While AI has made fraudulent schemes more sophisticated, it's also our most powerful weapon against these threats.”
To read and download this content you need to be registered.
Become a member to access all content and / or download it