FRAUD WARNING – Mandate Fraud Increase

For your information there has been a significant number of successful mandate frauds which on some occasions run into many hundreds of thousands of pounds de-frauded.

The fraudsters email unsuspecting businesses either purporting to be a client of theirs or a senior member of their team and request transfer of funds to a particular account which is generally overseas. This has not been questioned or challenged and results in the funds being sent as requested to the criminals.

The email is often followed up with a phone call to add authenticity. The fraud is not discovered until some days later when the money will since be long gone and diverted into hundreds of mule accounts anywhere across the globe with little or no chance of recovery.

The fraud is so audacious that it catches people out and often they do not even implement their own in house checking/confirmation policy and end up being on the wrong end in breaches of compliance.

Please be aware and circulate as you see fit.

From Northumbria Police

Banks and building societies join forces to help tackle telephone fraud as it’s revealed vishing losses TRIPLED in last year to £24m

There has been a substantial climb in the number of people targeted by phone fraudsters in a scam known as vishing, according to new data from Financial Fraud Action UK.

In the last year, at least £23.9million has been raided by fraudsters this way, up from £7million in 2013 as banks and building societies struggle to keep up with the threat posed by telephone scams.

And in a victory for This is Money’s campaign to raise awareness, there has been a rare joint declaration by UK banks’ launched today. Banks, buildings societies, card companies and Chief Police Officers are to clarify warning signs of the scam.

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The £3.5bn mobile phone theft racket: Beware crooks who run up vast bills calling premium rate lines on your stolen mobile – leaving you counting the cost

Today, Money Mail lays bare a £3.5 billion racket that allows mobile phone firms to profit from criminal gangs who steal handsets, then run up thousands of pounds in international calls.

An industry insider has revealed how crooks make a fortune in tourist hotspots and cities by using stolen phones to call premium-rate lines in countries such as Somalia, North Korea and little-known Pacific islands.

Meanwhile, the victims are left facing bills totalling thousands of pounds.

Scam: Within a few minutes of taking the phone, criminals call premium-rate lines in countries such as Somalia, North Korea and little-known Pacific islands

Within a few minutes of taking the phone, the criminals call one of these premium lines, which are controlled by middlemen. Every minute the line is connected, both take a cut from the charges they run up.

The crooks can even connect several calls from the same phone at one time — by dialling one premium-rate number, putting it on hold and then dialling another.

The person who was robbed is then held responsible for all costs up to the point they report the handset missing. And experts say phone companies routinely pile their own margins on top, adding to the bill.

Our investigation also uncovered how phone firms have the power to help stop customers being hit with vast bills from crooks — but often fail to act.

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Contactless cards: how to avoid paying twice

Credit cards that you simply wave at a reader save time and are a boon for visitors to London. But they can also raid your bank account invisibly.

The value of the average contactless card transaction is relatively small at £6.65, meaning they are easy to miss on bank statements. Regularly checking your statements is a good idea if you have a contactless card as the sooner you spot a double payment, the easier it will be to rectify.

Full Story  Contactless Cards How to Avoid Paying Twice

Welcome to Sweden – the most cash-free society on the planet

Four out of five purchases are now made electronically in Sweden, according to associate professor of industrial dynamics at Sweden’s Royal Institute of Technology, Niklas Arvidsson – and going totally cash-free is the next step. “Banks and merchants invested heavily in card payment systems in the 1990s and these days consumers are used to it,” says Arvidsson.


‘Surge in ‘number spoofing’ fraud: Fraudsters trick bank customers into handing over cash with new phone trick

Fraudsters are using a new simple telephone scam to trick people into believing they are speaking to a trusted organisation – usually a bank – by making a legitimate number appear on their caller ID display.

In what has been branded ‘number spoofing’, fraudsters clone the telephone number of an organisation they wish to impersonate and make it appear on the caller ID display seen by their intended victim.

The scammer gains trust by drawing attention to the number on the display and uses this as proof of identity in order to disguise the fraud.

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Small businesses underestimating cybercrime threat to profits, cashflow and reputation

Ed Vaizey, Minister for culture and the digital economy, said at an event last week to help firms combat cybercrime: ‘Small businesses are driving economic growth in the UK but remain particularly vulnerable to cyber-security breaches that can result in hundreds of thousands of pounds worth of damage.’

Recent research by PwC on behalf of the Department for Business, Innovation and Skills, has found that 60 per cent of small businesses have suffered a malicious breach in the past year – and half of them had a serious incident.

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Feeling ripped-off? Here’s how to get your money back if you are hit with scams and disputes

New figures from the National Fraud Intelligence Bureau show that more than £670 million has been lost to online fraud in just a year. 

But hundreds of thousands of people also lose serious money every year as a result of scams and disputes with individuals and companies. 

Here, we look at how you can fight to get your money back.

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Revealed: The top ten online scams – and how one victim lost his money to fraudsters who conned all his Facebook friends too…

The ten biggest online scams lost victims across the country £670million over the last year – and this figure is likely to be far higher due to unreported cases, National Fraud Intelligence Bureau data reveals.

The case of a victim known only as Chris, who had thousands stolen by fraudsters who simply rang his bank to gain details and also conned his Facebook friends into sending money too, is highlighted by Get Safe Online Week, which started yesterday.

It comes as a study found half of those who have been a victim of cyber fraud – which includes ID theft, economic losses, hacking and viruses – said they felt either ‘very’ or ‘extremely violated’ by their ordeal.

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Small firms warned of surge in invoice fraud – with one Norfolk-based manufacturer scammed out of £350k

Small businesses have been warned to stay vigilant after a surge in invoice fraud in which conmen try to dupe firms into handing over hundreds of thousands of pounds.

Financial Fraud Action UK has reported a rise in the scam with hundreds falling victim in the last year. The fraudsters send in fake requests for payment which look legitimate, often via e-mail or letter, with new payment details.

Because the fraud is not always detected immediately, stolen funds are often quickly transferred outside of Britain making it nearly impossible to get the money back. In a shocking example of the scam, the FFA UK has highlighted the recent case of a manufacturer based in Norfolk.

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