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