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Berkeley Security Bureau (BSB) is expanding its portfolio of operations into corporate fraud and financial investigations. The move is seen as a natural extension to its forensic division, which it opened three years ago. The new operation will be headed by two ex-City of London Police Fraud Squad officers.
Tony Waters and Mick North have joined the company after a recent attachment with the Serious Fraud Office. Both officers have a wealth of experience in major fraud enquiries, including investigating the activities of two ex-fund managers at Deutsche Morgan Grenfell and the Nick Leeson fraud case at Barings Bank.
Mike Bluestone, managing director of BSB, said: "There is very rarely a fraud without a document, and the equipment needed to identify false documents and fingerprints is already here. Until now we’ve merely been the technical providers. Since we’ve become established in that field our clients, both in the public and private sector, have been asking for a fraud prevention and investigation service. This should also open up a wider client base in other blue chip corporate companies."
The Association of British Insurers is working on the aptly-named FRISC project, which aims to cut the annual GB pound 650 million cost of fraudulent insurance claims.
Its project team involves Lancaster University’s psychology and computing divisions, a leading insurance company and two specialists in the area of fraud detection technology – namely IbiS and LPA.
Meantime, the Department of Trade and Industry (DTI) has targeted fraud as part of its Management of Information (MI) ‘Security at Work’ campaign to fund IT solutions for business. With DTI backing, King’s College (London) is working alongside the Post Office and Anite Government Systems to develop a computer system which detects fraudulent patterns of behaviour in on-line transactions.
The Computational Immunology Fraud Detection (CFID) system copies the human immune system to spot and track unusual financial transactions. Such technology will combat cheque and credit card fraud.
Dr Richard Overill, senior lecturer in computer science at King’s College, told SMT: "This is arguably the most promising new technology for combating fraud."
Anite Government Systems estimates that it will take around three years to develop the CFID system.
BSB expands in bid to tackle fraudBerkeley Security Bureau (BSB) is expanding its portfolio of operations into corporate fraud and financial investigations. The move is seen […]
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