#272106 by TerranceBoyce
Thu Oct 22, 2015 7:21 am
http://www.watfordobserver.co.uk/news/13888958.Nine_arrested_in___60m_business_bank_fraud_inquiry_after_raids_on_Watford_properties/?
This is part of a thread detailing the risks faced by companies/institutions from scammers accessing their bank details and using bank accounts they control to defraud them. This is such a notable example I thought I'd better flag it up separately.
https://www.scamwarners.com/forum/viewtopic.php?f=2&t=109976
This fraud is so laughably easy to perform in the UK and relies on the fact that opening a bank account by a criminal is ridiculously easy. Foreign criminals queue up to open accounts in the UK and I have a news report of one criminal who controlled over 700.
Frankly 'Facebook' takes more trouble to exclude scammers than most UK banks and I say this having spent my whole working life in UK banking. The problem is that scammers won't let go of a weakness they see in banking procedures and they'll keep working it for the maximum amount they can. Where one fails the next will be better prepared, until some major companies and institutions are taken down. Banks themselves are vulnerable and it's not difficult to work out how. If any person has an account in a branch or bank with these 'rogue' accounts it puts their money at risk, and I would say how, but I don't want to make matters worse.
When individuals fall victim to this scam banks will mostly reject any claim from a victim but, when dealing with companies and large institutions, that is not so easy, and bearing in mind that banks themselves are at financial risk themselves it is reckless that more isn't done to prevent so many bank accounts being used in fraud.
More details
http://www.watfordobserver.co.uk/news/13888958.Nine_arrested_in___60m_business_bank_fraud_inquiry_after_raids_on_Watford_properties/?
22 October 2015
Nine arrested in £60m business bank fraud inquiry after raids on Watford properties
This is part of a thread detailing the risks faced by companies/institutions from scammers accessing their bank details and using bank accounts they control to defraud them. This is such a notable example I thought I'd better flag it up separately.
https://www.scamwarners.com/forum/viewtopic.php?f=2&t=109976
Get hacked or 'vished' and lose a fortune
Nine people have been arrested by police investigating a £60m fraud case targeting business banking customers.
Seven men and two women were arrested on suspicion of conspiracy to defraud and money laundering.
Police recovered a "significant amount of cash" through raids on 14 addresses in Watford, Slough, Ilford and Scotland.
This fraud is so laughably easy to perform in the UK and relies on the fact that opening a bank account by a criminal is ridiculously easy. Foreign criminals queue up to open accounts in the UK and I have a news report of one criminal who controlled over 700.
The Met said victims had their phone numbers masked in order to make it appear as though they were getting a legitimate call from their bank.
The fake numbers were then used to glean account details.
Money was then transferred into accounts under the suspects' control and withdrawn from ATMs across the UK.
Frankly 'Facebook' takes more trouble to exclude scammers than most UK banks and I say this having spent my whole working life in UK banking. The problem is that scammers won't let go of a weakness they see in banking procedures and they'll keep working it for the maximum amount they can. Where one fails the next will be better prepared, until some major companies and institutions are taken down. Banks themselves are vulnerable and it's not difficult to work out how. If any person has an account in a branch or bank with these 'rogue' accounts it puts their money at risk, and I would say how, but I don't want to make matters worse.
When individuals fall victim to this scam banks will mostly reject any claim from a victim but, when dealing with companies and large institutions, that is not so easy, and bearing in mind that banks themselves are at financial risk themselves it is reckless that more isn't done to prevent so many bank accounts being used in fraud.
More details
http://www.watfordobserver.co.uk/news/13888958.Nine_arrested_in___60m_business_bank_fraud_inquiry_after_raids_on_Watford_properties/?
Nine arrested in £60m business bank fraud inquiry after raids on Watford properties
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