The following examples are of crime losses that have directly affected our clients.
Fake president fraud
The financial director of a large interior design client, turning over around £80,000,000, paid three invoices totalling £225,000 without checking the supplier bank details. The invoices were fraudulent and the money was sent to the perpetrator’s accounts in the Czech Republic. Luckily, there were multiple frauds being undertaken and £150,000 of the client’s payments were held when the accounts were frozen. Whilst the client has lost £70,000, it is hoped that the remainder will be returned in full.
Employee system breach and theft
An employee/employees of a client obtained passwords to the till computer system that they were not authorised to have. They used these to access the system and delete transactions from the day’s takings. They then took cash to the value of the deleted transactions so that the till ‘balanced’. The irregular pattern of deleted transactions was picked up and investigations ensued, which led to the full extent of the loss being discovered (circa £50,000).
Fraudulent change of bank details in genuine email
A supply and distribution client engaged in genuine email communication with a supplier, but embedded within the email chain was a fraudulent notification regarding a change of bank details. A payment of approximately £115,000 was made to the ‘new’ bank details, which were subsequently discovered to be false. This client did not have crime insurance in place. Arrange your crime insurance package with Clear.