Awareness of CEO fraud and impersonation frauds

IPA Insolvency Practitioner newsletter, August 2022

Contents

• Paul Smith, CEO
• Samantha Keen, President
• 2023 renewals: AML information and Regulation 18 risk assessments required
• Amendments to the 2017 Money Laundering Regulations
• Join the IPA in celebrating the outstanding accomplishments and successes made in the insolvency sector this year!
• IPA Learning | AML: A Practical Guide to Risk Assessment
• The IPA’s regional Roadshows are back this autumn – join us for the final four 2022 events
• Personal Insolvency Conference early bird rates closing soon – book now!
• Exclusive discounts on training from the IPA and our partners – make savings on essential CPD
• Change of IPA registered office address
• NEW member benefit: save money on your airport parking with APH! (Member login required to view)
• Need new IT products? Claim exclusive IPA membership offers from Dell
• CPI training with BPP – special offer for IPA members (member login required to view)
• Membership and licence renewals
• IPA exclusive industry update from Insolvency Insider

Impersonation frauds remain a risk for all firms, and insolvency firms are not immune to the risk. In particular, CEO fraud is a simple way for criminals to obtain funds from a company. All firms should be aware of how a CEO fraud works, and the diagram below provides information on how this is carried out.

Being aware of the vulnerabilities allows you to build in robust policies on IT security and emails and also have clear policies for your cashiering teams on reviewing and checking when changes in bank details for payments are received. Action Fraud have published the following article on CEO fraud which lists some simple actions you can take to help defend against falling victim: Action Fraud warning after serious rise in CEO fraud.

Remember you can sign up to Action Fraud and use their reporting tool to report fraud and cyber crime.