Credit, collections & insolvency news
A Sussex director who committed Covid Bounce Back Loan fraud and encouraged an associate to invest in the creation of a footgolf course he never had permission to create, has been sentenced. Lee Walkey was sentenced to eight months in prison, suspended for 12 months, at Lewes Crown Court. Walkey was also ordered to complete…
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Criminals stole £42.6 million from businesses through authorised push payment (APP) fraud in the first six months of 2023 according to new data from UK Finance . The research found that nearly one in five small business oweners (17%) participants could not always spot a scam. The data comes from results of the quiz, designed…
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A new report by Lenvi Riskfactor has found that almost nine out of ten (89%) European business leaders have noted an increase in fraudulent activity against their businesses in the past year; with more than eight in ten (81%) expecting a continued increase through the current financial year (2023/24). This issue is compounded by the…
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The latest report from the National Audit Office (NAo) into the Covid-19 business support schemes criticizes the Government for not doing more to prevent mistakes and fraudulent claims when rolling out the programs. The NAO said a total of £4.5 billion or nearly 4.6% of the total cost of the Government’s £96.9bn emergency Covid-19 support…
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Insolvency and restructuring trade body, R3 has published a policy paper containing a number of recommendations to improve the UK’s fight against fraud. National Crime Agency estimates suggest fraud costs the UK economy around £190 billion a year, while research from the Office for National Statistics showed that instances of fraud increased by 41% between…
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According to a global survey by PwC, fraudsters have targeted two-thirds of British companies in the past two years, with cyberattacks the most common crime. In Britain, 64% of big corporations had been affected by fraud and other economic crimes over the period, 10% up on two years ago and significantly above the global average,…
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Risk specialist, Kroll has revealed the results of its latest Global Fraud and Risk Report, showing that organisations around the world are dealing with the rising costs associated with investigating allegations of serious misconduct. The report, based on a survey of over 1,330 senior decision-makers for risk strategy, including CEOs, general counsels, chief compliance officers…
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Digital fraud checks could have significantly reduced the £11.8 billion pounds now estimated to have been lost by the government to fraudulent and erroneous applications for Covid-19 support, according to anti-money laundering specialist, SmartSearch. New figures from the House of Commons library show that fraud and errors involving coronavirus support schemes such as furlough and…
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A Public Accounts Committee (PAC) report has warned that HMRC’s ‘unambitious’ plans for recovering £6 billion in Covid-19 support payments that were paid out through fraud or mistakes could lead to the Government writing off a large sum of taxpayers’ money. In the report, Parliament’s cross-party Public Accounts Committee says that HMRC’s unambitious plans” for…
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The Government’s Digital Secretary Nadine Dorries has announced that fraud will be made a priority offence as part of the Online Safety Bill. Digital Secretary Nadine Dorries said” This government said it would legislate to make the UK the safest place in the world to be online while enshrining free speech, and that’s exactly what…
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More than £4.3 billion of Covid loans that may have to be written-off by The Treasury due to fraud and highlighted by the recent resignation of Lord Agnew, could be eclipsed by businesses failing to repay their CBILs and BBLs Covid support loans according to new analysis by regional accountancy and business advisor, Azets. Azets…
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The Treasury Committee has called for additional Government action to combat fraud and scammers as it publishes its report on Economic Crime. The report, which was unanimously agreed by the cross-party Committee of MPs, urges the Government to legislate against online fraudulent adverts and seriously consider whether online giants should reimburse those who fall victim…
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UK Finance is warning UK small and medium-sized enterprises (SMEs) to be alert for scams targeting their companies. As many businesses start the new year with people working from home, fraudsters will try to take advantage of opportunities to steal money where firms might be working outside of their normal processes. Criminals often attempt to impersonate a chief executive, senior manager, or supplier to try and convince staff to make an urgent payment…
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