A new fraud academy will be set up in London, with proceeds going towards the funding of more frontline officers in the City.
A new ‘fraud’ academy is to be established in London, with proceeds going towards the funding of more frontline officers in the City.
The scheme, initiated by the City of London police force, will train investigators in fraud and economic crime and has been widely hailed for its innovation and profitability.
Adrian Leppard, Commissioner of the City of London Police, stated “We have expertise in fraud. People want to be trained by us. If we can turn that into a business venture that makes money as well, we can not only help bring out the skills of the private sector and policing, but at the same time maybe meet some of the budget gaps that the City of London police has got to deal with”.
Police officers as well as private sector investigators are likely to hail from across the UK and from the furthest reaches of the globe, with China and the Middle East proving particularly interested. Importantly all revenues will be retained by the City of London Police.
Whilst the current programme can cost up to £4,500 for a two-week course, and trains only 30 individuals at any one time, the new academy could physically school over 100 students a year. These figures may well be augmented with the utilisation of the internet and “webinars”.
Given the 20 per cent cuts in government funding, entrepreneurialism and innovation is needed now more than ever. With potential profits rising to £2million within two years – enabling funding for 40 more police officers – the scheme could not come at a better time.