One of the most notorious incidents of cyber crime to date also stands out for the bare-faced cheek and simplicity of the methods employed. When criminals targeted Austrian aerospace firm FACC, they didn’t bother trying to hack into the company’s IT systems, bring down firewalls with a DDoS attack, or plant malware on its servers to quietly mine sensitive data.
Instead, they simply impersonated CEO Walter Stephan, sending a fake email in his name authorising a junior member of the accounts teams to send $47m to what the email claimed was the bank account of a company Mr Stephan was negotiating to buy. It wasn’t, and the thieves made off with the biggest single haul in cybercrime history.
In our line of work, we come across some colourful characters to say the very least. We all know the stereotypes about the shady circles debt collectors have to move in. Well, while we’re not always keen on the cliches, the truth is in the course of recovering debts, we do have to deal with a motley assortment of fraudsters, conmen, chancers and career criminals, all often operating under the guise of supposedly legitimate business interests.
What we certainly never do is feel any ill will towards anyone we attempt to collect money from. At the end of the day, it is a professional service we provide, to look after the interests of the small business owners, freelancers and contractors who come to us, often at their wits end, to try to get back money that is rightfully theirs. But whoever it is that owes the money, and whatever their reasons for not paying their debts, they are still people.
Action Fraud are warning UK based consumers and businesses to be aware of a new type of financial scam, fraudsters claiming to be bailiffs are sending sending SMS messages or making calls to targets across the UK in the hope of pressuring them to pay fictitious debts.
The scam sees victims receive texts by the fraudsters about the fake debt, claiming that they will "attend your address for resolution" if payment of the imaginary debt is not made.
Small and medium sized businesses need to be aware of a rising wave of frauds affecting companies big and small. The current most frequently used type of fraud is often called “Fake CEO Fraud” and we would urge all UK businesses to stay vigilant or potentially stand to lose significant sums.
Two directors of Lancashire-based Worldwide Sports Investments Limited have been disqaulified following an investigation by the Official Receiver’s Public Interest Unit. The directors operated a high pressure sales scam purporting to offer investments in a golf course and hotel development in Portugal.
44 year old director Mr Christopher Smullen received a disqualification order on the 26th May 2015 banning him from managing, promoting or being a director of a limited company for 13 years from the 16th of June 2015.
Credit control failures are a worry at the best of times, and none of us want to be left with overdue invoices to chase - or with unpaid invoices of our own that become subject to debt recovery action with interest and penalties added on top.
But a lax approach to credit control has taken a new turn in recent days, as a large number of spam emails have started circulating which claim to be chasing overdue invoices.
Recently we featured an article on an individual called Phillip Buffett and his "Uber Intelligence" group of companies. This individual came to our attention when we were tasked by two freelancers to pursue unpaid invoices totalling over £10k.
It soon became apparent to us that the individual in question was a known fraudster, with a history of criminality and a penchant for defrauding individuals, businesses and even professional athletes. He was also already serving a seven year ban as a director for his previous frauds.
Company impersonation fraud is big business these days as scammers, fraudsters and criminals increasingly realize the advantages this type of fraud has over the more "traditional" types of fraud that target individuals.
We regularly deal with businesses that have fallen victim to this type of fraud and do what we can to help, but it is rare that a
customer scammer will attempt to draw us into this kind of activity. But that is exactly what happened to us and our debt collection affiliates in Germany recently.
Four scammers from East Lancashire have been jailed for fraud and money laundering offences after using a string of fake debt collection companies to fraudulently obtain thousands of pounds from SME’s to pay fictitious debts.
Thomas Moffett, Elliot Reed, Nancy Shaw and Gary Oliphant were imprisoned at Preston Crown Court on July the 5th 2016.
The group was part of a total of 18 people sentenced for their role in the scam, for offences including conspiring to commit fraud by false representation and money laundering.
The phrase 'no win, no fee' is screamed at you from a hundred adverts a day, usually in relation to personal injury claims, PPI mis-selling and so on, but it is also used in the context of no win, no fee debt collection - meaning you only pay commission to the b2b debt collection company if they are successful in recovering what you are owed.
It's worded all sorts of different ways, so you might also see 'no collection = no commission' on some ads, but it boils down to the same thing - if you don't win back your money from the debtor, then you have nothing to pay.