Fraud and cybercrime input at St Helens Business Expo

Fraud and cybercrime detectives from Merseyside Police attended the St Helens Business Expo yesterday (Wednesday 18 September), where they delivered an input to delegates on several types of fraud and cybercrime and how individuals and businesses can protect themselves.

Detective Inspector Paul Gillies of the Economic Crime Team at Merseyside Police said: “Fraud can have devastating consequences for individuals and businesses alike.

"By understanding the tactics used by fraudsters, business owners can protect themselves and their company from falling victim to these schemes."

The event, which was hosted at the Totally Wicked Stadium and supported by St Helens Borough Council, hosted exhibitors from a wide range of sectors and business sizes.

The fraud and cybercrime awareness presentation covered several common themes:

• Investment fraud: Fraudsters persuade victims to invest in non-existent or worthless schemes, including crypto fraud and Ponzi schemes.
• Credit card and cheque frauds: Criminals use stolen or counterfeit cards and cheques to make unauthorised transactions.
• Payment diversion: Criminals manipulate businesses into transferring funds to fraudulent accounts.
• Romance fraud: Criminals create fake online relationships to gain trust and solicit money from victims.
• Courier fraud: Scammers pose as officials to trick people into handing over money, PIN numbers or valuables.
• Text fraud: Scammers send messages impersonating trusted contacts to request money transfers.

Detective Inspector John Black of the Cyber Dependent Crime Unit at Merseyside talked about the risk of social media takeovers by hackers, and the importance of thoroughly assessing the cybersecurity of not only your own business but also its supply chain. He said: “Implement strict access controls, regularly audit third-party permissions, and ensure your vendors meet robust security standards. Your business's security extends beyond your own walls."

Detectives emphasised the importance of vigilance and awareness in preventing these crimes, and expanded on the topic of payment diversion fraud, which poses a significant threat to businesses.

In a typical scenario, criminals might intercept communications between a company and its suppliers. They then impersonate the supplier, often using a very similar or spoofed identical email address and inform the company of a change in bank details for future payments.

Detective Inspector Gillies said: "Once the unsuspecting business updates the payment details, any subsequent transfers go straight into the fraudster's account. This type of fraud can result in substantial financial losses, sometimes amounting to hundreds of thousands of pounds."

To prevent payment diversion fraud, businesses are advised to implement strict verification procedures for any changes to supplier or payment details. Always use established contact methods to confirm any requests for changes to payment information. Don't rely solely on the contact details provided in the change request email. Additionally, consider implementing a dual authorisation process for large transactions and regularly train staff on the latest fraud prevention techniques.

Councillor Trisha Long, St Helens Borough Council’s Cabinet Member for Supporting Neighbourhoods, said: “We're pleased to see such engagement from our business community, because as community safety partners, we stress the importance of cybersecurity.

“It’s in the best interest of businesses no matter their size - invest in cybersecurity, train your staff, and always verify unusual requests. These simple steps can make a world of difference in keeping your business safe and resilient.”

Merseyside Police’s Economic Crime Team and Cyber Dependent Crime Unit continue to work closely with local businesses and community groups to raise awareness about fraud and cybercrime prevention.

Detective Inspector Black added: "Law enforcement can't tackle this issue alone. We need businesses, individuals, and communities to work together, sharing information and best practices to create a united front against fraud and cybercrime.”

For more advice on how to spot the tactics and techniques commonly used by fraudsters, to help reduce your risk of becoming a victim, visit the Stop! Think Fraud website at stopthinkfraud.campaign.gov.uk

If you suspect you have been the victim of fraud, visit Action Fraud for advice at www.actionfraud.police.uk and report it online or by calling 0300 123 2040.

If you have information about those committing any type of economic crime or cybercrime, you can pass information via Crimestoppers anonymously, on 0800 555 111 or via their online form at: crimestoppers-uk.org