Frauds

The Fraud Compensation Fund could begin processing cases through to settlement within 12-18 months, a meeting of the Transparency Task Force was told this week.

https://www.ftadviser.com/pensions/2021/03/10/pension-fraud-fund-to-start-processing-cases-within-18-months/

STA, 9 March 2021 - Slovenian police have arrested three of the five people they suspect were involved in a racket known as CEO fraud, a scam in which criminals impersonate executives to fool employees into making unauthorized wire transfers. The fraud was perpetrated mostly in the UK, while the money was laundered in Slovenia.

https://www.total-slovenia-news.com/business/7912-3-of-5-suspects-arrested-in-uk-linked-ceo-fraud-case

Faster payments is the fraudsters’ preferred method of payment as the money arrives almost immediately in the payee’s account. To receive that payment therefore, the fraudster has to open a bank account. The current dysfunctionality is each bank holds the client’s information in confidence and does not share insights on risk on that account to other banks.

https://www.finextra.com/blogposting/19989/a-rude-awakening-fraudsters-are-now-fearless

Impersonation scams account for the bulk of losses that victims have been reporting during the coronavirus crisis, according to a bank’s analysis of its customer data.

https://www.essexlive.news/news/uk-world-news/bank-shares-scams-causing-customers-5096248

A Jersey entrepreneur has appeared in the Magistrates Court today (9 March) charged with conspiring to defraud a motor insurance company.

https://www.itv.com/news/channel/2021-03-09/jersey-entrepreneur-appears-in-magistrates-court-charged-with-fraud

New data from Onfido reveals a 2 times year-on-year increase in identity fraud attempts in February 2021 in tandem with the 5x year-on-year surge in Bitcoin's price.

https://www.pcr-online.biz/2021/03/09/identity-fraud-attempts-double-as-bitcoin-price-surges/

A mum-of-six who was gifted close to £3,000 by her local community to buy a specially designed helmet for her baby son has been jailed following a six year benefit fraud.

https://www.edinburghnews.scotsman.com/news/crime/east-lothian-mum-of-six-gifted-ps3k-by-community-to-buy-medical-helmet-for-baby-son-is-jailed-for-ps55k-benefits-fraud-3157331

A fraudster who groomed women on dating sites to scam thousands of pounds from them was sentenced at Bristol Crown Court last week on Friday 26 February. The sentencing follows reports made to Action Fraud and good work by Avon and Somerset Police.

https://www.actionfraud.police.uk/alert/fraudster-jailed-for-duping-women-out-of-thousands-via-dating-sites

As fraudsters become ever-trickier, savers must be better informed about how to protect themselves and their money. Here are three high-profile cons and what people with pensions can learn from them

https://www.raconteur.net/legal/fraud/three-high-profile-pension-scams/

Conveyancing fraud was a major issue long before Covid-19 struck. The pandemic has, however, created new opportunities for scammers. This means that it is more important than ever to know how to protect your clients against conveyancing fraud. Here is a quick guide to help.

https://propertyindustryeye.com/agents-how-can-your-clients-protect-themselves-against-conveyancing-fraud/