MAIN TYPE OF FRAUD THAT AFFECT COMPANIES
•    Account take-over -  where a fraudster collects sufficient information about the victim to dupe the victim’s financial institution that they are the customer

HOW IS THE ID OBTAINED / USED
•    Personal Theft / Social Engineering / Internet / Business Theft / Lost
•    Information on Company Directors obtained via Companies House
•    Instances of insider infiltration – obtaining information to be used in fraud
•    Fraudster has sufficient information to pretend to be customer and uses it
•    May obtain further information, assess how to defraud institution / individual
•    Use of telephone, or in writing, or use of internet (email)

FRAUD WARNING SIGNS / INDICATORS
•    Change of address / bank made by phone call and/or letter – alteration to letters / forms
•    Unnecessary / excessive details provided in communications
•    Numerous phone calls received (e.g. via a mobile phone)
•    Recent change of address then followed by change of bank account details
•    Change of address from ‘affluent’ areas (& large distances i.e. north to south)  to less affluent                                                                      
•    Usually request payment made by electronic transfer / TT     
•    Documents often faxed through (greater use of email)
•    Overseas payments (high risk countries including South Africa)

WHAT CAN COMPANIES DO TO PREVENT FRAUD ( PROCEDURES AND CONTROLS)
•    Additional ID requirements  / verification where a COA
•    Warning markers / call and address monitoring 
•    Intelligence sharing 
•    Internal Systems and Controls  including:-
•    Transaction Monitoring  
•    Staff Monitoring        
•    Client notification – Change of address and bank letters
•    Enhanced ID&V   
•    Suspicious address and phone no detection / monitoring
•    Review of unnecessary details in correspondence
•    Use of electronic verification such as Call Credit checks