Surge in wire transfer fraud leaves victims looking to banks for redress

Fraudsters targeting businesses is not a new phenomenon.

In its January 2010 report, the National Fraud Authority estimated that approximately £5.4bn had been lost to corporate fraud in the UK during 2008 (please see page 26 of the Report). This figure does not include frauds suffered by SMEs and so the actual losses suffered by UK businesses are likely to be higher than this.