Leading corporate risk management consultancy ISS Group has warned security managers that the recent enlargement of the European Union (EU) could trigger a “huge increase” in international fraud within the UK.

“The enhanced ease of movement across national borders that the EU enlargement inevitably creates will enable criminal elements to infiltrate the UK and use the financial services industry and our banking systems to launder money and defraud commercial organisations,” stressed John Wick, chief executive of the ISS Group.

Wick’s assertion follows the National Criminal Intelligence Service’s warning that there’d be a “serious impact” on the insurance industry due to it becoming a big source of revenue for fraudsters.

Source

SMT