Retail banking fraud is a serious criminal offence which can carry a sentence of imprisonment. It is important that anyone alleged to have committed retail banking fraud takes immediate legal advice.
Whether to receive a wage, paying for goods or gifting to others, banks are central to our lives. In the United Kingdom, 97% of the public have at least one bank account.
Day-to-day banking (such as debit card transactions) is known as ‘retail’ banking. Any time we pay a bill or send money to our family, the banking system is involved.
Unauthorised Card Fraud (or ‘Card Not Present’ fraud)
An individual uses the card or card details of another person to make purchases. The prosecution may allege that this includes card ‘cloning’, where a copy of a bank card is made to be used, the primary fraud of this type involves the use of banking details harvested by other means:
Phishing – what is phishing?
These are where either a web page or an email address purports to be genuine, prompting the individual to reveal their sensitive information.
Vishing (‘Voice phishing’) – what is vishing?
Akin to phishing, vishing uses phone calls to harvest account details. Vishing scams, like phishing emails, are common. At times Artificial Intelligence is used to make the recipient of the call believe they are talking to a legitimate representative of an organisation.
Data breaches – what is data breach fraud?
The use of compromised bank details to make payments is fraudulent, just as the action of stealing the data itself is a criminal offence. Purchasing sensitive details via dark web channels or procuring details is criminal.
Remote Banking Fraud – what is remote banking fraud?
An individual uses remote software such as TeamViewer to take control of a digital device and uses it to harvest money or details.
The victim transfers money from their account to a nominated account. Usually, this is by some form of misdirection. The victim may think he is transferring money to one person when really, he is transferring money to a potentially fraudulent account.
An individual may pose as a bank clerk or company representative to build the mark’s trust before attempting to take a payment.
This is the largest area of retail banking fraud, worth over £200m in 2023 year and rising 20% year-on-year. Banks are live to the fraud; Barclays bank prompts online banking customers to enter their intended recipient’s name and banking details, which are then checked for accuracy, before the customer makes their transfer.
A money mule is an individual who uses or allows their account to be used to allegedly launder money, by moving it between accounts.
A money mule is often paid a percentage fee which they keep.
The bank user whose account is used is called a “money mule”.
In November 2023 the Financial Conduct Authority expressed doubts about the robustness of fraud detection in the retail banking industry, stating that there is ‘significant scope’ to improve the easy reportage of fraud.
If you are arrested for this offence, you will be taken to a police station for the purpose of being interviewed under caution. Among other rights you have the right to be represented at this interview by a solicitor free of charge. This is usually a duty solicitor nominated by the police. You also have however the right to nominate a solicitor of your choice. The solicitor will be able to obtain some information from the investigators about why you have been arrested and will be able to discuss this with you and provide you with advice prior to the interview.
ABV Solicitors have expert fraud solicitors able to attend the police station on short notice nationwide.
Upon receipt of such a letter it is critical that you seek the assistance of a solicitor immediately. ABV Solicitors will allocate a specialist fraud solicitor for you and make arrangements on your behalf to liaise with the investigators and facilitate an interview at your convenience.
This will allow sufficient time for you to arrange a face-to-face meeting with a specialist solicitor in advance of any interview so you can be advised, and fully prepared on what to expect.
We are here to fully support you and those concerned during this difficult time. Obtaining immediate legal advice can make all the difference to the outcome of the investigation.
This can be an extremely stressful time for you, your family and your business.
You may have already been interviewed and released on bail or released under investigation. You may have not used a solicitor at all during your interview or are not confident with the solicitor who represented you and require a specialist solicitor with experience in this area.
Whatever the situation, ABV Solicitors have a dedicated team of experts who are experienced in allegations of retail banking fraud and who can provide you with sound advice and assistance.
If you have been charged with a retail banking fraud you must seek the assistance of a defence specialist immediately. ABV Solicitors have a dedicated Fraud and Financial Crime department consisting of experienced solicitors who are specialists in this field.
ABV Solicitors can provide immediate advice and assistance and assist you during this stressful time.
Law enforcement agencies such as the police, HMRC, FCA or SFO often use ancillary powers in addition to making arrests and search warrants. These include applying for Restraint Orders or Account Freezing Orders under the Proceeds of Crime Act 2002.
The purpose of this is to prevent those under suspicion to dissipate assets which may have been acquired through the commission of committing offences.
These Orders are draconian and can cause severe disruption to the lives of individuals and those connected to them including their businesses.
ABV Solicitors have a dedicated team of experts within their Fraud and Financial Crime Department who specialise in tackling these Orders.
If any of the above circumstances apply to you or someone you know contact ABV Solicitors Fraud and Financial Crime Department immediately on 0344 587 9996 or visit our website at www.abvsolicitors.co.uk
ABV Solicitors are available 24/7 and offer their professional expertise and assistance nationwide.
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