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Fraud awareness and COVID-19
In this podcast, the chair of the Fraud Advisory Panel, David Clarke, is interviewed by our head of public affairs and campaigns, Alexandra Cardenas.
They discuss fraud trends and how they’ve affected law firms since the COVID-19 pandemic began, and explore what you can do to protect your business.
Practitioners should be aware that fraudsters have been using the pandemic to identify vulnerabilities, particularly in small firms – people working from home, people not able to easily check with others, more limited controls on decisions.
This, combined with the COVID-19 stimulus money leading to greater opportunity, means firms must be vigilant.
The clients of lawyers, as with accountants and other trusted professions, can be particular targets for fraud as intercepting communications can be used to give a pretence of legitimacy.
Fraudsters often use fake identities and look for ways to circumvent due diligence. Even though there is a lot of financial pressure on firms currently, it’s vital to complete all standard due diligence checks.
There has been an increase in usage of malware and ransomware, and it’s important that appropriate controls and security measures are in place for those working remotely.
The best thing firms can do is ensure partners and staff are educated, aware, and watching out for risks.
You can find resources to help guard against fraud on: