Frauds

Fraud within the retail, leisure, and food and beverage industries can undermine customer and consumer confidence and, in more serious cases, negatively impact consumers’ health and wellbeing. Without appropriate mitigation measures, the impact of fraud incidents can result in both great financial cost and operational disruption to businesses.

Fraud is the most common type of crime in England and Wales. A National Crime Agency survey revealed, in 2022, 3.7 million recorded incidents of fraud amounted to £2.46 billion in losses for businesses and individuals. It is crucial that all organisations operating in the retail, leisure, and food and beverage sectors understand the current fraud landscape, the potential risks fraud poses, and best practices for fraud detection and prevention.

The UK retail sector lost £11.3bn to fraudulent activity in 2023, according to global financial technology platform Adyen.

The research, in partnership with the Centre for Economics, Business and Research, found that 35% of UK businesses became a target of fraudulent activity, cyberattacks or data leaks over the past year – up 37% compared with 2022.

Suzanne Famula, 39, was duped by 41-year-old Christopher Harris after meeting him on online dating site Hinge.

A woman who was conned out of £20,000 by a romance fraudster is campaigning to make the crime a specific offence in law.

Suzanne Famula, 39, was duped by “callous” 41-year-old Christopher Harris after meeting him on online dating site Hinge in November 2020.

Larry Barreto gave mortgage advice without FCA authorisation, and inflated applicants’ incomes. Tassib Hussain helped him by providing false employment documentation.

Southwark Crown Court has sentenced two individuals for committing mortgage fraud by cheating lenders and violating Financial Conduct Authority (FCA) norms.

https://www.easterneye.biz/mortgage-fraud-two-sentenced/

Two individuals have been sentenced with multiple counts of fraud by false representation and for carrying on regulated activities without authorisation.

Yesterday (March 27) Larry Barreto and Tassib Hussain were sentenced at Southwark Crown Court after a prosecution was brought against them by the FCA which saw the pair convicted in November 2023.

https://www.ftadviser.com/mortgages/2024/03/28/two-individuals-sentenced-over-3mn-mortgage-fraud/

"Let this be a warning to anyone thinking of making bogus claims on insurance"

Bolton-based Sam William Carr, who pleaded guilty in January to 10 counts of fraud by false representation after making bogus travel insurance claims worth around £75,000, has been handed a suspended jail sentence.

https://www.insurancebusinessmag.com/uk/news/travel/travel-insurance-fraudster-gets-suspended-jail-sentence-482291.aspx

A conman who told people he was on the books at Chelsea as a player and coach wanted to live the life of a professional footballer.

Abdul Ibraheem swindled a retired accountant out of more than £340,000 and rented an £8,000-per-month house in Potters Bar which he turned into a footballer’s style mansion.

Fraudsters who cost Vodafone, EE, O2 and the Carphone Warehouse £430,000 have been jailed for a combined 11 years.

The group used stolen personal details of existing customers to take out new phone contracts and obtain items like Apple Watches and iPads.

Lynda Chenery and Mark Woods were convicted over their involvement in TQ Tickets Ltd, which ‘exploited the love and passion’ of music fans.

Lynda Chenery and Mark Woods were convicted at Leeds Crown Court on Wednesday over their involvement in Norfolk-based TQ Tickets Ltd, which sold tickets worth more than £6.5 million on secondary ticketing sites in two and a half years.

https://www.shropshirestar.com/news/uk-news/2024/03/13/two-found-guilty-of-fraudulent-trading-over-dishonest-ticket-touting-firm/

New legislation to crack down on push payment scams via banking apps will be brought to parliament, the government has announced today.

The government is set to bring forward a draft bill aimed at tackling fraudsters who operate by convincing scam victims to authorise so-called push payment transactions in banking apps.