uk corporate and identity theft
DESCRIPTION
Presentation of balance between Ease of Doing Business and Corporate ID theft. Presented to the Ease of Doing Business Seminar South Africa April 2013TRANSCRIPT
providing companyinformation thatcustomers value
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Corporate and director identity theft
Lynn LynchCompanies House
UK
3m 10485,000
175,000,000181 MILLION
151
298,000,000130,000,000169
100
Functions
Legislation
Types of corporate fraud
• Corporate identity theft – short firm• Company incorporated solely to commit fraud
• Move from paper to electronic fraud
Other fraud
• Telephone scams• VAT Registry scams• Job offers and Visa scams• Internet auctions and Bond site scams• Stealing electronic authorisation codes
Fraudulent filings at Companies House
• Registered office change with no company approval
• Appointments without consent• Company name change• Director’s address change• Internal company disputes – directors at war
Our position
• Registrar has no statutory authority to take direct action
• General responsibility under Proceeds of Crime Act
• ‘Good faith’ principle• Balance easy registration with fraud prevention
Fraud protection
• File electronically• ‘Monitor’• PROtected Online Filing (PROOF)
PROOF documents
• Appointments• Resignations• Change of officer details• Annual return• Change of registered office
PROOF documents
• 1.2 million companies use PROOF • But 100 fraudulent filings per month
Working with others
• City of London Police• Met Office• SOCA (Serious Organised Crime Agency)• Action Fraud
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