DPP Business Tax

Financial Conduct Authority (FCA) Investigations

For fraud to fall into the financial fraud category, it generally must involve fraudsters intentionally deceiving their victims through financial transactions, for their own personal monetary gain. There are various different types of financial fraud, including, but not limited to:

Get Rich Quick Scams

These are scams which offer the victim high rates of return for a very small investment, which often seems unrealistic right from the word go. Most of these ‘schemes’ give off the impression that the victim will be able to obtain vast amounts of money, for putting in little or no effort. These types of schemes are either run by fraudsters who will disappear once they have got your down payment, or feature very high levels of risk, with a minute chance of financial gain in the end.

These ‘get rich quick’ schemes play on the fact that many people long for instant wealth, and are often advertised using spam emails or cold-calling techniques. Remember: if it sounds too good to be true, it probably is.

Credit Card Fraud

Credit card fraud is any type of fraud that’s committed using a credit card. There are many branches of credit card fraud, these include:

  • Application fraud: a fraudster applies for a credit card in someone else’s name. This generally happens alongside identity theft.
  • Electronic or manual credit card imprints – a fraudster uses the magnetic strip at the top of the card to obtain information.
  • Card not present fraud – if someone knows the expiry date and account number of your card, they could commit ‘card not present’ fraud online.
  • Lost or stolen credit card fraud: the fraudster steals or finds your card, and uses it without your permission.

This list is by no means exhaustive. Fraudsters are always coming up with new ways to commit credit card fraud, so if you see ANY unusual activity on your credit card statement, it’s advisable to contact your bank right away.

Cheque Fraud

Cheque fraud can be used to describe any fraud that uses cheques to illegally obtain or borrow funds. There are various types of cheque fraud, including:

  • Forged cheques.
  • Cheque washing – the fraudster erases details from the cheque to allow it to be re-written.
  • Bad cheque writing – the fraudster uses a cheque that’s connected to a non-existent bank account or a bank account with insufficient funds for the transaction.
  • Using disappearing ink on cheques.
  • Fraudulently altering cheques.

What should I do if I’ve been accused of financial fraud?

If you’ve been accused of financial fraud, or are the victim of a financial scam, it’s vital that you seek professional legal advice as soon as possible, as this is a serious crime. Our dedicated team of business investigation solicitors are on-hand to assist you with your next steps. Contact us now.


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