RSM Robson Rhodes is teaming with the Fraud Advisory Panel and the police to launch a comprehensive study into the impact of economic crime on financial services.
Financial institutions are being asked to participate in the study supported by the Home Office, on ways to curb economic crime which is estimated to cost financial services £10bn and the wider UK economy £14bn per year.
The research hopes to provide insights into the impact of economic crime, its cost to the industry and preventative measures. It will cover misappropriation, cheque credit card and cyber fraud, identity theft and money laundering. The results are due in October.
Home Office Minister Hazel Blears says: “The Government takes business crime, including fraud very seriously. We recognise the cost and disruption crime causes to business – as well as the effects on consumers. However, a great deal of fraud can be prevented if organisations have appropriate measures in place and are aware of the risks and how to avoid them.”