© Copyright Acquisition International 2024 - All Rights Reserved.

Article Image - Fraud Fears as FCA Investigates Over 150 Covid-19 Related Scams
Posted 9th September 2020

Fraud Fears as FCA Investigates Over 150 Covid-19 Related Scams

The Financial Conduct Authority (FCA) is investigating more than 150 Coronavirus-related scams since the outbreak began, according to official figures.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

Fraud Fears as FCA Investigates Over 150 Covid-19 Related Scams
scam

The Financial Conduct Authority (FCA) is investigating more than 150 Coronavirus-related scams since the outbreak began, according to official figures.

The data, obtained under the Freedom of Information (FOI) Act by the Parliament Street think tank’s cyber research team, reveals the extent to which financial services organisations and banks have been targeted by financial criminals during the pandemic.

The total number of suspected scams reported to the FCA over the last five months is 165. The types of scams that have been circulated during this time include email, phone calls, text messages, letters, and social media.

In one of the scams, fraudsters pretended to be from HM Revenue and Customs (HMRC) and targeted company owners seeking Covid-19 relief grants to help manage their finances throughout the crisis.

Other scams included a targeted effort to steal the log-in credentials of HSBC customers with business accounts, and seeking to obtain the passport details of financial services workers.

Experts have warned that the rise in sophisticated Covid-19 related scams could leave financial services firms open to the risk of financial crime, especially with increasingly stringent Anti-Money Laundering (AML) legislation in the pipeline.

Max Worrall, General Markets Sales Manager, Encompass Corporation comments:

“The Covid-19 pandemic has seen a rapid increase in the number of financial crime scams entering circulation.

There have been numerous reports of company owners and directors receiving highly realistic scam emails, requesting usernames, passwords, and bank details from workers.

These risks are a reminder of the threats posed to regulated firms seeking to enforce Anti-Money Laundering (AML) measures and customer verification checks. These processes often involve reviewing personally identifiable information and documentation, something criminals are always seeking to get their hands on, by any means necessary.

It is therefore vital that companies have in place the necessary anti-financial crime systems, as well as the ability to identify and confirm that the customer is who they say they are.”

Categories: Legal


You Might Also Like
Read Full PostRead - Eye Icon
Harnessing the Power of Lanyards for Workplace Unity and Collaborative Success
News
31/07/2023Harnessing the Power of Lanyards for Workplace Unity and Collaborative Success

Workplaces can quickly go downhill if staff members aren’t working well together. Business owners can spend a fortune trying to foster a sense of unity and collaborative success in the workplace – but there may be a more affordable solution. Lanyar

Read Full PostRead - Eye Icon
Wesco Aircraft Acquired by Affiliate of Platinum Equity, Combined with Pattonair at Closing
M&A
13/01/2020Wesco Aircraft Acquired by Affiliate of Platinum Equity, Combined with Pattonair at Closing

The combined company, which will be headquartered in Valencia following closing, becomes a $2.4 billion business with a global footprint in 17 countries and more than 4,000 employees. The combined company will serve more than 8,400 customers, including many of

Read Full PostRead - Eye Icon
An Important Source of Information for Companies Everywhere
Finance
01/12/2016An Important Source of Information for Companies Everywhere

With financial information on 200 million companies across the globe, Bureau van Dijk are a major resource for company data.

Read Full PostRead - Eye Icon
Sparebanken Hedmark Advise on Procuritas Capital Investors Investment in Daldata
Finance
27/08/2015Sparebanken Hedmark Advise on Procuritas Capital Investors Investment in Daldata

Sparebanken Hedmark Advise on Procuritas Capital Investors Investment in Daldata

Read Full PostRead - Eye Icon
Building the Future: What Today’s Tech Candidates Really Look for in Companies
Innovation
09/10/2023Building the Future: What Today’s Tech Candidates Really Look for in Companies

The technology sector is renowned for its rapid pace of innovation and dynamic work environments. Consequently, tech candidates are often discerning about the companies they aim to join, seeking opportunities that not only utilise their skills but also foster

Read Full PostRead - Eye Icon
2016 Intellectual Property Practitioner of the Year – Cameroon
Strategy
31/07/20162016 Intellectual Property Practitioner of the Year – Cameroon

Based in Yaoundé, GAD Consultants provide legal assistance in protection and valorisation of all aspects of IP assets.

Read Full PostRead - Eye Icon
Sierra Nevada Corporation Acquires Kutta Technologies, Inc. to Expand its Unmanned Technologies
M&A
29/04/2015Sierra Nevada Corporation Acquires Kutta Technologies, Inc. to Expand its Unmanned Technologies

Sierra Nevada Corporation (SNC) announces the successful acquisition of its newest wholly-owned subsidiary, Kutta Technologies, Inc. (Kutta) located in Phoenix, Arizona.

Read Full PostRead - Eye Icon
Innovators In Technology
Innovation
07/05/2021Innovators In Technology

Procon Analytics is a leading innovator of automotive IoT and big data insights, focused on capturing and translating data into actionable business intelligence. Learn more from company leaders about the future of their technology.

Read Full PostRead - Eye Icon
Executive Coaching: The Secret to Sustained Success
Innovation
01/07/2016Executive Coaching: The Secret to Sustained Success

Set up in 2007 by a group of former HR directors from a global automotive manufacturer, Protostar has weathered the economic crisis that saw so many smaller management consultancies fail.



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have 14 unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow