Company Fraud

There are many types of fraud that may involve companies, their employees and their customers.


Company impersonation/Identity fraud

A significant problem is the supply of goods by legitimate companies to fraudsters who are impersonating other legitimate companies.

Company impersonation fraud involves;

  • Changing the director and address details on the Companies House register.
  • Ordering goods for delivery to the false address.

Items such as phones and laptops that can easily be sold on are the primary targets for this type of fraud.

Often the first indication that the supplier and genuine company will have that this has happened is a problem with an invoice for payment.

How to protect yourself?

Source: Met Police

Protecting your business information

Vishing

Vishing is being used increasingly by criminals to deceive businesses into revealing company financial information or to encourage the transfer of funds into a bank account held by the criminal. Posing as a company supplier, a police officer or a member of staff from a bank or building society, the criminal will make an attempt either to obtain your company bank account details or will ask for bank payee details to be altered so that regular payments normally transferred to a genuine supplier account are instead made into a fraudulent account.

Every company or organisation is vulnerable to invoice fraud. This type of fraud occurs when a company or organisation is tricked into changing bank account payee details for regular payments. Criminals pose as regular suppliers to the company or organisation and will make a formal request for bank account details to be changed.

Invoice fraud

Criminals who specialise in invoice fraud are often aware of the full details of relationships between companies or organisations and suppliers and they know when regular payments are due. Equipped with sophisticated information, they make contact with finance teams within companies and organisations, posing convincingly as suppliers. Payments are repeatedly made to them and the fraud is often only discovered at the point when the legitimate supplier of the product or service chases for non-payment of invoice. At that point recovery of the funds from the fraudulent account is very difficult.

Source: Financial Fraud Action UK. Visit their website for more excellent information and advice.

Contact

Crime Reduction Officer
Devon & Cornwall Police, Crime Reduction Dept
Police Headquarters
Middlemoor, Exeter
Devon
EX2 7HQ

Non Emergency Directory (NED)

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