New report published exposes missed opportunities in the fight against economic crime: police failing to leverage private and not-for-profit sector resources.
A groundbreaking report by Perpetuity Research and the Centre for Cybercrime and Economic Crime at the University of Portsmouth has uncovered a critical oversight in the fight against economic crime. Despite soaring levels of these offences, police forces are not fully utilising the vast resources and expertise available in the private and not-for-profit sectors.
Economic Crime at Crisis Levels: Economic crime has reached unprecedented levels over the past decade putting immense pressure on police resources already stretched thin by limited budgets and growing responsibilities. Yet, as this report highlights, law enforcement agencies are not taking full advantage of the specialised skills, knowledge, and manpower that exist within the private and not-for-profit sectors.
A Wasted Opportunity: The private sector, particularly banks, insurance companies, and other financial institutions, employ thousands of professionals dedicated to anti-fraud efforts. Similarly, not-for-profit organisations offer specialised knowledge and tools that could bolster police forces, representing a massive, wasted opportunity in the fight against economic crime. Yet, this wealth of expertise remains largely invisible and untapped by police forces, representing a massive, wasted opportunity in the fight against economic crime. The authors point out that, to their knowledge, no central repository of this information existed before they mapped it out as part of their research.
Minimal Collaboration, Maximum Cost: While joint efforts between the police and these sectors do exist, and there are some excellent examples, they have often been limited to basic data sharing, leaving much of the potential for deeper, more impactful interaction unexplored. This lack of strategic engagement has hampered the ability of law enforcement to effectively address the complex and evolving landscape of economic crime.
Barriers to Joint-Working: Interviews with stakeholders reveal some significant barriers to joint-working, including: divergent objectives, mistrust, and a general reluctance to share information due to concerns about breaching Data Protection regulations and jeopardising competitive advantage. These challenges have prevented the development of more robust engagement at all levels that could increase the risks for a range of economic crime offenders.
Quote from Lead Researcher: “It is clear that the police are facing an uphill battle against the rising tide of economic crime, while the private and not-for-profit sectors possess a vast reservoir of largely untapped resources. There exists significant potential for enhanced collaboration between these sectors. By not leveraging these resources, the police are missing a critical opportunity to strengthen their response to economic crime and better protect the public,” said Dr Janice Goldstraw-White, Lead Researcher for Economic Crime at Perpetuity Research.
Call to Action: The report urges law enforcement agencies to rethink their approach and proactively engage more strategically with external partners. By doing so, they could unlock a wealth of untapped resources, including specialised knowledge, additional funding, and innovative solutions that are currently being developed outside of the public sector. This would enhance the ability of the police to combat economic crime, protect the public, and improve overall policing outcomes.
Conclusion: The report makes a compelling case for a paradigm shift in how economic crime is tackled. Law enforcement agencies must move beyond their traditional policing models and silos and engage with external partners in a more strategic and collaborative way. Only by harnessing the full range of available resources can they hope to effectively combat the escalating threat of economic crime.
Funded by the Dawes Trust: This crucial research was made possible through funding from the Dawes Trust, which supports initiatives aimed at improving the public good and enhancing societal welfare. The trust’s support has enabled this in-depth exploration of how better collaboration between sectors could lead to more effective policing of economic crime.
About Perpetuity Research and the Centre for Counter Fraud Studies: Perpetuity Research and the Centre for Counter Fraud Studies at the University of Portsmouth are leading authorities on fraud and economic crime. This collaborative research aims to develop practical solutions that enhance the ability of both public, private and not-for-profit sectors to prevent and combat crime.
Contact: For more information, please contact: Dr Janice Goldstraw-White, Lead Researcher for Economic Crime. Telephone: +44(0)1892 538690 Email: j.goldstraw-white@perpetuityresearch.com or see www.perpetuityresearch.com
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