Category: Uncategorized

Greenwashing and the consequences if your business is found guilty

Written by admin on June 29, 2022. Posted in Uncategorized.

A Guest contributor: Jon Munnery, Insolvency & Restructuring Expert, UK Liquidators (part of Begbies Traynor Group)

If an organisation falsely bolsters its environmental track record for commercial benefit and glosses over unsubstantial sustainability efforts, it could be found guilty of greenwashing tactics.

If there’s little or no evidence to back up marketing claims, the repercussions of fictitious marketing can imperil customer trust, damage brand reputation, and detract attention from true environmental clean-up efforts.

If an organisation is found guilty of fronting its campaigns with baseless environmental claims, it could face dire repercussions and lead to public outcry. ?

APP Fraud: What New Changes Are on the Horizon for Banks?

Written by admin on June 24, 2022. Posted in Uncategorized.

What is APP fraud? APP (authorised push payment) fraud occurs when someone is tricked into sending money to a fraudster posing as a genuine payee. There are many ways a fraudster will seek to do this, for example through intercepting emails, posing as a genuine business, sending links to fake websites via email or text message and cold calling. According to UK Finance, APP fraud has, for the first time, surpassed card fraud with GBP 355 million in losses attributed to APP fraud in the first half of 2021.

Phishing scams – how are businesses tackling cyber fraud?

Written by admin on May 9, 2022. Posted in Uncategorized.

Guest contributor: Keith Tully, Partner, Real Business Rescue (part of Begbies Traynor Group)

A phishing scam provides a gateway for fraudsters to steal personal data or launch a ransomware attack and involves disguising a manipulated link, email, or text message, which when clicked on by the victim, unlocks the door to a bank of confidential data. Often it is the human firewall that allows the fraudsters in even when your IT security is strong.

This information is then used by the scammer to secure a payday by selling it to a third party or demanding a ransom, such as passwords, credit card details, or intellectual property. Phishing scams are often hidden in plain sight as fraudsters lure in the victim using sophisticated methods, such as company branding, professional language and references to real-life employees.

As phishing fraudsters refine their methods of deception, how are businesses sharpening their spears to catch out cyber scammers and shielding their comms systems against phishing attempts?

What steps are being taken to tackle economic crime in the UK?

Written by admin on March 25, 2022. Posted in Uncategorized.

Economic crime covers all types of financial crime including fraud, money laundering, counterfeit currency, bribery and corruption. According to recent statistics from the Office of National Statistics, fraud and computer misuse is now greater than all other types of crime put together. Action Fraud reported a 36% rise in fraud offences for the year ending June 2021, compared with the previous year.

The Government’s Economic Crime Plan 2019 to 2022, published in July 2019, described economic crime as a “…significant threat to the security and prosperity of the UK…” impacting “…all of our society including our citizens, private sector businesses and the government.” At that point fraud was one of the most common crimes in the UK and who could have predicted what was to come?

In spite of the Government’s Economic Crime Plan, economic crime continues to be a major and rapidly growing problem in the UK. We take a look at what steps are being taken to tackle economic crime.

APP Fraud: Court of Appeal overturns Barclays’ judgment

Written by admin on March 16, 2022. Posted in Uncategorized.

In an important decision concerning authorised push payment (“APP”) fraud, the Court of Appeal has overturned a High Court judgment which limited a bank’s Quincecare duty to circumstances where a bank was instructed by an agent of the customer of the bank (effectively limiting the duty to corporate customers). The decision at the time was a disappointment to non-corporate victims of APP fraud for whom it is incredibly difficult to recover their losses. On the other hand, banks breathed a sigh of relief that the potentially onerous Quincecare duty had been restricted in scope.

The Court of Appeal has allowed Mrs Philipps’ appeal against Barclays Bank acknowledging that it is “…at least possible in principle that a relevant duty of care could arise in the case of a customer instructing their bank to make a payment when that customer is the victim of APP fraud.”

The case will now proceed to trial.

Reflecting on when your fraud claim goes badly

Written by admin on March 7, 2022. Posted in Uncategorized.

Most people acknowledge there is an inherent risk in litigation. That is especially the case in claims of fraud. Even with a strong case, the outcome is never certain. Those who have worked with solicitors and barristers will know that they are generally cautiously optimistic when it comes to the merits of a claim, however that is not always the case. Does confidence in the merits of a case that goes on to fail indicate a problem with the legal advice?

A recent case supported the view that failure of a litigant’s claim does not mean that a solicitor’s earlier confident views about the claim were necessarily negligent. But what if the solicitor clearly got things wrong; mismanaged the claim, perhaps failed to spot or fully investigate a fraud? What are the routes for redress and how can we help?

Economic crime: The Treasury Committee’s vision for the future

Written by admin on February 3, 2022. Posted in Uncategorized.

On 2 February 2022 the Treasury Committee published their report on economic crime (the “Report”). [1] Against the backdrop of frankly alarming levels of fraud and economic crime, the Committee was asked to report on the progress made by the Government in tackling economic crime.

The conclusion of the Report is quite simply that not enough is being done, and that what is being done is “…not urgent enough to stem the rise, let alone start to bring it under control.” The recommendations of the Committee are comprehensive and, if implemented, will completely change the landscape in the UK for those that seek to exploit its weaknesses.

ESG Metrics: marketing, misleading or more?

Written by admin on January 25, 2022. Posted in Uncategorized.

A company’s “ESG” or “Environmental, Social and Governance” metrics are increasingly being used by investors to benchmark companies and identify material risks and growth opportunities. Not yet mainstream, companies are increasingly choosing to disclose such metrics voluntarily through annual reports or standalone sustainability reports. But should companies be wary of what representations they make about their ESG credentials? Can investors hold them to account if such statements turn out to be untrue or an exaggeration of reality?

Managing An In-house Investigation

Written by admin on December 2, 2021. Posted in Uncategorized.

Managing fraud investigations: an in-house perspective

Upon discovering fraud there are important issues to consider and preliminary steps which need to be taken before involving external advisors. Arun Chauhan takes us through what good practice looks like in the current fraud environment and what in-house legal teams should think about when conducting a regulatory investigation.

Fraud And The Limitation Period