Just at a time when many business owners are struggling to make ends meet, fraudsters will be working on ways to intercept grant payments, which might even involve making fraudulent applications in the organisation’s name.
What can they do to guard against this?
A sharp rise in fraud is expected and often follows periods of uncertainty and economic shocks. Scammers are adept at preying on the financial vulnerability that many businesses and individuals experience at such times and can be incredibly creative when it comes to finding new ways to access their money.
Changes to Government policy and the announcement of a new grant-based support scheme are also likely to peek the fraudsters’ interest.
In the last couple of weeks, the Chancellor has introduced a £350bn Business Support Package, providing cash payments, tax concessions and wage grants to businesses that are experiencing hardship as a result of the coronavirus pandemic.
A retired High Court judge has been appointed to re-review compensation paid by Lloyds Banking Group to victims of one of Britain’s biggest banking scandals after an earlier review found victims were likely paid too little.
Lloyds has paid out more than 100 million pounds to 191 small business owners defrauded by its Halifax Bank of Scotland (HBOS) branch in Reading, England.
Six people were jailed in connection with the case in 2017.
Former judge David Foskett has been appointed to chair a panel to re-assess the claims, including direct and consequential losses resulting from the fraud, said Ross Cranston.
He was author of the previous review which concluded in December that the compensation scheme had “serious shortcomings”.
Foskett will be assisted by Philippa Hill of accountancy firm Grant Thornton and Andrew Hildebrand, a dispute resolution expert.
Lloyds welcomed the appointments and said it was committed to helping the review.
Layoffs at the Cleveland Plain Dealer have affected the paper’s business news desk, reports Sam Allard of the Cleveland Scene.
Allard reports that the business news desk has lost the following staffers:
Jordyn Grzelewski, recently named one of the state’s best business writers by the Associated Press Media Editors, who wrote the obituary for her former paper, The Youngstown Vindicator, and uncovered issues of housing inequality in Cleveland.
Teresa Dixon Murray who has given solid, and sometimes chiding, financial advice to Greater Clevelanders in her Money Matters column. She was a watchdog for readers, helping them in real, tangible ways, including getting to the bottom of a surge in Verizon data usage that affected thousands of customers.
OIivera Perkins, a national award-winning business reporter, who covered labor and employment. In 2010, she chronicled the effort Hugo Boss employees mounted to save their plant. Last year, her Pathways to