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Articles by Katy Worobec
Britons lost £177.6m to impersonation scams in 2022: ‘Fraudsters have improved their tricks’
The figures were released during Take Five Week -- 17 April to 21 April. Impersonation scams take place when a criminal contacts someone pretending to be a trusted organisation such as a bank, the police, a delivery or utility company, or perhaps a friend or family member. Scams often start with a call, text, email or direct message with an urgent request for money or personal and financial information.
£177.6m lost to impersonation scams in 2022, says UK Finance
The figures were released during Take Five Week (April 17 to 21). Impersonation scams take place when a criminal contacts someone pretending to be a trusted organisation such as a bank, the police, a delivery or utility company, or perhaps a friend or family member. Scams often start with a call, text, email or direct message with an urgent request for money or personal and financial information.
Warning about romance scammers issued ahead of Valentine’s Day
Its Take Five To Stop Fraud campaign is warning people ahead of Valentine’s Day to watch out for criminals posing as online love interests. Romance scammers often take weeks or months building up a rapport with their victims and may ask for multiple payments. They may claim to be doing charity work overseas or need money urgently for an operation, a business investment or a flight to meet up with their victim, for example.
The risk your business 'invites' in – managing insider threat - Financial Director
Financial crime Today, corporate security is everyone’s responsibility. Whether you work in procurement, finance, sales, or legal, you need to identify and manage risks—digital and physical—related to your department. The human resources department is no different and this team faces a specific security risk that is now a major concern for organisations: insider threat.
Are investment banks too complacent about SFTR?
Banking Investment banking has seen an almost constant regulatory change in the decade since the financial crisis and the compliance burden on banks has soared. By and large, given the demands that governments and regulators have placed on it, the industry has coped well. Today, the sector is more tightly regulated but also better run, with more streamlined processes and more sophisticated technology as a result of its efforts to meet the challenge to comply.
Almost half of office workers would sell their firm’s corporate information
Financial crime Almost half (45%) of office employees would be willing to sell corporate information to people outside their organisation, according to new research that exposes the extent of the insider threat. Just £1,000 would be enough to tempt 25% of employees to give away company information – and 5% would give it away for free, says a report from cyber security firm Deep Secure.
How financial service companies can build trust in an age of rapid change
Banking In today’s world, trust is everything. People allow strangers to inhabit their homes, to drive their cars, even to walk their dogs. Not only do we trust strangers, we’re also relatively willing to share personal information with them online. A 2017 study by YouGov reported that 48% of millennials feel comfortable sharing data with companies, as long as it leads to cost savings – the highest percentage of any generation surveyed.
Bank of England deputy governor to speak at CFO Agenda
Sir Jon Cunliffe, deputy governor for financial stability at the Bank England, has been confirmed as the keynote speaker at this year’s CFO Agenda. The addition of the deputy governor, also responsible for the supervision and oversight of financial market infrastructures, resolution and international at the Bank, ensures the event in London on 7 May will be this year’s most important event for CFOs and finance directors.
Can businesses mitigate supply chain risk and maintain business transparency?
From countless high street brands shutting shop to Honda’s recent planned plant closure – all in the backdrop of a country in the throngs of Brexit – UK businesses are experiencing uncertainty not seen since the last financial crisis. Businesses have a lot to contend with; as trade, currencies, jobs and much more hang in the balance, compliance and procurement professionals are also weighing up supply chain risk and how leaving the UK can impact the businesses they work with.
Are the Money Laundering Regulations a success or failure?
Financial crime In late June 2017, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR) came into force. The MLR include a range of investigatory powers that purport to empower regulatory authorities whilst widening the scope of entities and individuals that are subject to regulatory mandates. In terms of the strength of the framework, the MLR appear to build on the UK’s ‘gold-standard’ framework amongst European financial centres.
Could your company be a victim of procurement fraud? (It’s more likely than you think)
Financial crime Fraud A few years ago, PwC announced that procurement fraud was the second most-commonly reported economic crime worldwide. It’s a broad term, covering everything from bid rigging and supplier collusion to duplicate invoicing and expenses fraud. In a nutshell, though, it’s what happens when your employees or supplier network fiddle the books to their own benefit, and it’s stinging businesses of all varieties.
#MeToo #WhatNext?
Eighteen months since the Harvey Weinstein allegations burst onto the front pages and the #MeToo movement was launched, it is clear that the issue of sexual harassment in the workplace is not going to disappear from the headlines any time soon. In that time, women and men from all walks of life have come forward to speak about their experiences of sexual harassment and assault. It is likely that many more remain silent.
Brexit prompts SME owners to protect their personal assets - Financial Director
Banking Brexit Predictions have emerged of an upsurge in borrowing demand from SMEs if a ‘no deal’ Brexit occurs So it’s vital that the directors and owners of SMEs fully acquaint themselves with the terms of a personal guarantee backed loan, before signing on the dotted line. Those who already have a personal guarantee backed loan or are considering an application for a new finance deal should also consider insurance against the risk of a personal guarantee being called in by their lender.
How the Banking Protocol is tackling fraud
Banking Financial crime The Banking Protocol – a joint partnership between the banking and finance industry and police forces across the UK – was introduced in October 2016 with the aim of protecting vulnerable people falling victim to fraud, by putting measures in place within bank branches to identify potential cases of wrongdoing.
Watch out for the number spoofing scam
It all starts with a phone call. It’s the bank: there’s been fraud on your account and they just need you to confirm some details. You’re understandably panicked, but the caller reassures you that as long as you do exactly what they say, the problem will be solved. Just look at the caller ID display – it’s the same number as your bank, so the call must be genuine, right? Wrong. It’s a new twist on a scenario that we hear about all too regularly.
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