Fraud investigator Haymarket Management Services is warning brokers to bolster their systems or risk being victims of organised crime.Top of the risk list is companies failing to properly dispose of confidential papers, which are often screwed up and thrown in the bin. With criminals regularly targeting firms and trawling through their garbage such lax disposal methods leave advisers open not only to breaching the Data Protection Act but also to reputational risk from subsequent actions against their clients. The matter is not to be taken lightly. When asked how much fraud exists in the financial services industry, George McKillop, managing director of Haymarket, says: “Honestly, nobody really knows. A lot goes undetected and much banking fraud is swept under carpet so it never becomes a statistic.” Haymarket was set up in 1998 and is made up mainly of ex-Fraud Squad and customs professionals. It offers a range of services to either prevent, deter or investigate financial fraud. The company says one of the simplest ways to deter criminals is to have good pre and post-employment screening. With many large firms having a high turnover of low level staff, Haymarket says they can be vulnerable to organised crime unless proper precautions are taken. McKillop says: “People talk of computer fraud but it’s carried out by human beings. That’s why employee screening is so important.” The company offers something called the Tiger Attack to test how easily a company’s security can be breached. A Haymarket employee might take a job as a cleaner, for example, then hack into computers at night or commit other breaches such as targeting staff outside work or attempting to use them as plants. All of these are practices used by organised crime gangs. McKillop adds: “Mortgage fraud is not top of the police’s list of priorities and you would have a job convincing them a fraud is taking place. We know what is needed to sell such a complaint to the police.”
Huntswood, a leading provider of professional services to the retail financial services industry, with clients throughout the UK, Europe and USA, thas appointed Brian Millhouse as its managing director for Scotland.The appointment follows the opening of new offices for the firm in Strathclyde Business Park in November 2004.Millhouse brings over 20 years of experience in […]
A poll released today reveals that nearly one in four people think that a tracker mortgage tracks your salary increase.The survey commissioned by Mortgages Direct highlights the extend of public ignorance of basic mortgage facts, which could lead to homeowners paying well above the odds. Nearly a year on since the start of the regulation […]
First-time buyers are encouraged by the drop in house prices according to the UKs leading property website, Rightmove.Its September House Price Index reveals that average asking prices fell for the third consecutive month by 0.4% (845) and, overall, by 3,200 over past three months. The average property now costs 195,407. Housing affordability has improved due […]
em-homeloans has announced that its offer of free valuations across the entire sub-prime range is set to continue.In conjunction with all branded lenders, including Beacon, First National, GMAC RFC, Kensington, Mortgage PLC, Platform, rooftop and SPML, em-homeloans offer of free valuations has established it as the first ever packager to present such an offer.Simon Mouncher, […]
By Kunal Desai, Head of Indian Equities
With markets kept open on Saturday, finance minister Arun Jaitley delivered a promising budget focused on growth and decentralisation. While many complained about a six-day working week, there was much to be pleased about and the markets rallied in the afternoon to finish in the green.
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