UK fraud hits record £1.1bn as cybercrime soars. The value of fraud committed in the UK last year topped £1bn for the first time since 2011, prompting a warning about increasing cybercrime and the risk of more large-scale scams as the economy comes under pressure. The 55% year-on-year rise in the value of fraud to £1.1bn reported in the court system was recorded by accountants KPMG, which found that while the cost of fraud was higher the number of incidents was lower. Highlighting a dramatic rise in cybercrime, KPMG’s statistics included a £113m cold-calling scam for which the ringleader received an 11-year jail sentence in September. Feezan Hameed was caught after targeting 750 Royal Bank of Scotland customers in the biggest cyberfraud the Metropolitan police had seen. Hitesh Patel, UK forensic partner at KPMG, said: “The figures for 2016 tell us two things. Firstly, that we can expect more of these super frauds as challenging economic circumstances place pressures on businesses and individuals and as technology becomes more sophisticated. “Secondly, that this is going to put even more strain on law enforcement agencies who don’t have the resources to investigate every report of fraud that they receive: getting the large, often cross-border and complex frauds to court is extremely time consuming and resource intensive. This places much more emphasis on businesses and consumers to protect themselves from fraudsters who will take advantage given the opportunity.” Source: The Guardian (2017) UK fraud hits record £1.1bn as cybercrime soars [online] available from [4th July 2017]
Based on this article above, address the following questions below:
Part 2 One of the biggest ever fraud reported in this article is that affecting the Royal Bank of Scotland (RBS), one of the biggest banks in the UK.
To minimise future risks of fraud, RBS is considering replacing its old ERP system with a current one. Also, one of the top management of RBS has highlighted the possibility of developing their own bespoke system.
You have recently been appointed as an Accounting Information System Analyst for RBS.
One of your key responsibilities is to carry out a research based on the following:
• Critically evaluate the key features and aspects of a corporate accounting information systems audit (focus on systems perspective). You are required to use evidence from journals and case studies to substantiate your work.
You may use sub headings or titles where you feel it is appropriate. Please ensure your list of references is submitted on a separate sheet positioned at the end of your assignment References : Harvard style it a part of the essay