by TerranceBoyce
Fri Feb 28, 2014 8:56 am
http://www.lawgazette.co.uk/practice/firms-warned-following-attempted-hack-on-sra/5040139.article?
The reason for this hack has been revealed by previous successful attempts and this is followed by applications to HMRC for tax refunds based on the records they access, and the amounts involved have totalled millions. Because the fraudsters have limitless access to the bank accounts of money mules and fraudulently opened accounts, laundering the stolen funds is no problem.
Unless banks tighten up their account opening procedures the UK economy is going face perpetual threats from fraudsters who have barely explored the potential of the lax implementation of money laundering processes.
The daily hacking we see of car dealer accounts is the least remunerative fraud that these hackers can participate in. As they become more accomplished at tax, VAT and mortgage fraud, the failings in our banking and financial procedures will have to be addressed.
Emails sent out to firms this week falsely claiming to be from the SRA [Solicitors Regulation Authority] were in fact attempts to infect systems with a computer virus.
The reason for this hack has been revealed by previous successful attempts and this is followed by applications to HMRC for tax refunds based on the records they access, and the amounts involved have totalled millions. Because the fraudsters have limitless access to the bank accounts of money mules and fraudulently opened accounts, laundering the stolen funds is no problem.
Unless banks tighten up their account opening procedures the UK economy is going face perpetual threats from fraudsters who have barely explored the potential of the lax implementation of money laundering processes.
The daily hacking we see of car dealer accounts is the least remunerative fraud that these hackers can participate in. As they become more accomplished at tax, VAT and mortgage fraud, the failings in our banking and financial procedures will have to be addressed.
CAR ADVERTS - If a car seller mentions escrow - he's scamming you Never ever for any reason pay anything until you have seen and inspected the vehicle
