Fraudulent Payments

Fraud is on the increase. Fact.

Fraudsters are becoming increasingly more sophisticated with methods and techniques to obtain money.

In April 2012 two men were jailed for defrauding the Olympic Delivery Authority (ODA) out of £2.3m. 

This is what happened:

A fraudster telephoned the ODA and spoke to an Accounts Payable Clerk informing her that a company which had worked on numerous projects for the 2012 Games, was changing its bank account details. A forged letter was then posted to the ODA confirming the bank account changes. The bank account details were his own. The ODA then made a payment of £2.3 million into the fraudsters bank account. The fraudster was working as part of a gang who had planned to defraud various companies of £6 million.

The gang also attempted to con other authorities but were unsuccessful. However, they did manage to scam £86,645 from another company.

You can read the BBC news article by clicking here.

You can read the Birmingham Post news article by clicking here.

95% of the £2.3 million has since been recovered but a simple internal control could have prevented the money being paid into the fraudsters bank account.

Organisations lacking proactive fraud prevention measures are the most at risk. Ensure you have effective internal controls to aid in this effort.  

Get your Free report showing you how you can implement a simple internal control to help prevent fraud in your organisation. Call now to get your Free report. 

Tel: 07810 202 859 for your Free report.




© 2000 - 2015 AP Excellence Ltd
Scroll to Top