Brokers particularly vulnerable to organised crime
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The government agency says the limited resources of broker firms leave advisers less able to protect themselves against fraudsters and money launderers.
Paul Evans, executive director at SOCA, says brokers can best shield themselves and their clients from crime by protecting data and staying involved in the industry.
He says: ” If brokers want to know what to be aware of they should get close to their trade associations and the regulator.
“I was a broker I would focus on locking up personal data. The criminal appetite to receive this type of data is undiminished and probably growing.”
Over the past year SOCA has obtained restraint and confiscation orders on around £3m worth of assets associated with mortgage fraud based on over 850 suspicious activity reports from banks, building societies and mortgage providers.
Evans says that the hunt is ongoing and that it is continuing to build a comprehensive database of financial criminals.
He also says that property is an ideal target for the fraudsters.
Evans adds: “Residential property is a good thing for organised criminals. Involvement in crime comes down ultimately to status and property is a big and visible asset that can be used to project “force” on to other parts of the criminal community.”
