Frauds and their controls: Some scholarly reflections

Levi, Michael ORCID: https://orcid.org/0000-0003-2131-2882 2025. Frauds and their controls: Some scholarly reflections. Crime and Justice 10.1086/736347 Item availability restricted.

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Abstract

Frauds vary with opportunities and controls in Global North countries, but also elsewhere in the developed world. Fraud rates against individuals have been rising in many countries, generating pressure for more preventative work on “enablers” such as banks, social media businesses, auditors, and lawyers. There do not appear to be embedded social movements against elite white-collar crime in the United States or elsewhere, but episodic campaigns against kleptocracy and money laundering have had some effects. Except for schemes requiring banks to reimburse individual victims, and largely civil litigation against financial intermediaries and alleged fraudsters, only Italy, China, Switzerland, the UAE, and the US have generated large sums from asset forfeiture despite an international move toward tougher civil and criminal asset recovery from fraud and money laundering. Data-sharing public private partnerships are necessary but not sufficient fraud prevention approaches. Generic advertising and warnings have little effect; more targeted help offers better prospects. Social engineering of victims remains a major challenge for banks, regulators, and law enforcement. For frauds against government, more attention is needed to social network analysis behind corporate fronts. Greater skepticism among internal and external auditors to accounts provided by senior executives is also needed.

Item Type:	Article
Date Type:	Published Online
Status:	In Press
Schools:	Schools > Social Sciences (Includes Criminology and Education)
Publisher:	The University of Chicago Press
ISSN:	0192-3234
Date of First Compliant Deposit:	30 May 2025
Date of Acceptance:	25 April 2025
Last Modified:	14 Aug 2025 11:15
URI:	https://orca.cardiff.ac.uk/id/eprint/178604

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