Despite soaring levels of economic crime, police forces are not fully utilising the vast resources and expertise available in the private and not-for-profit sectors, warns a new report.
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.
Experts from Perpetuity Research and the Centre for Cybercrime and Economic Crime at the University of Portsmouth say 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.
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 public policing efforts.
However, the report suggests 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.
Although there are some great examples of collaboration between the police and these sectors, most efforts have been limited to simple data sharing.
Professor Mark Button, Director of the Centre for Cybercrime and Economic Crime at the University of Portsmouth
Co-author, Professor Mark Button, Director of the Centre for Cybercrime and Economic Crime at the University of Portsmouth, said: "Although there are some great examples of collaboration between the police and these sectors, most efforts have been limited to simple data sharing. This has left much of the potential for stronger, more meaningful partnerships untapped, making it harder for law enforcement to tackle the complex and changing nature of economic crime effectively."
A study released last month from the University of Portsmouth estimated 26 per cent of adults in the UK (14 million) commit at least one economic crime a year.
The research - which was cited in The Department for Work and Pensions (DWP) annual report (pg 104) - explored how attitudes towards certain 'deviant acts' have changed over time by comparing the results of a 2011 study of 2,000 adults, with a 2023 study of 1,000 adults.
The new report, funded by the Dawes Trust, outlined a number of barriers to joint-working which need to be addressed by police to help improve the approach to tackling economic crime.
Interviews with stakeholders revealed some significant hurdles, 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.
Dr Janice Goldstraw-White, Lead Researcher for Economic Crime at Perpetuity Research, said: "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."
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.
