As COVID-19 cases rise, so does corporate fraud during this tough time. As if we thought dealing with coronavirus (COVID-19) was hard enough alongside the World Health Organization told governments across the world to put social distance and other measures in place, we’ve got appalling crimes on the rise to look at also. First, let’s start off by defining corporate fraud.

Corporate fraud is when a member firm/company / corporate entity does things in a dishonest and malicious manner with the intent of stealing money. These schemes typically go beyond the depths of an employee’s position.

With the risk of COVID-19 on the rise, fraud cases have followed suit and especially in the United States. The SFO (Serious Fraud Office) has all the data of many types of fraud reported cases within the United Kingdom. You can educate yourself and research if you ever feel like you may become a victim of the alleged fraud.

Magna Global (a major UK real estate agency) Chief Executive had this to say on this financial crime:

“It’s important that all of us stay vigilant and aware of any possibilities of potential money laundering or other types of individuals, companies, and corporate entities committing fraud. I’d highly recommend not proceeding further with any transaction if the person you’re talking to seems off in any sort of way. Whilst we’re anti-COVID-19, let’s also work together to be anti-fraud while we’re tackling this issue.“

Oliver Mason / Chief Executive of Magna Global UK

Corporate fraud is a huge threat than any other financial crime. The reason for this is because as a company or a corporate entity, it’s very easy to gain the trust of clients compared to if the person was an individual. This is based on the fact that the firm has many workers behind them giving them a more legitimate look compared to individuals again.

Like Oliver Mason from Magna Global said, we need to be aware of other types of fraud too. We need to educate ourselves on fraud, just like how we’re educating ourselves on COVID-19. If you remain skeptical before purchase, do not bother and attempt to search for another firm that provides the service instead.

To help, here are some warning signs of potential fraud and situations that you may find yourself in:

• If they contact you claiming to be a government official and ask for money
• Asking you to pay tax or any sort of money up front to receive a gift
• If they ask you to wire money externally
• If they pressure you into paying within a time frame or then otherwise the deal will go
• Ask for access to your money
• If they scramble to attempt to rationalize a reason why
• If they have the ability to have some form of involvement in asset misappropriation

Another way to avoid frauds, especially from firms, research into them. Take a look if the reviews are fake, or if you find something that suggests they’re at an attempt to commit fraud. Make sure to educate yourself properly on these issues and make sure you stay safe out there good luck.