Asset Finance

Consumer Finance

Motor Finance

Understanding Fraud in Asset Finance – January 2018

Registration from 09.30 –  Start 10.00 and Finish 17.00

Introduction to Fraud

  • Overview of fraud – amounts and breadth
  • Wider fraud types and how they relate to asset finance
           – Counterfeiting
           – Asset Striping (part 1)
           – Missing Trader
           – Organised Crime
  • Activity – Fun Fraud Quiz

Back to Basics

  • Definition of Fraud
  • Cycle of Fraud
  • Does Fraud pay?
  • Activity – Profiling of fraudsters

How does fraud reduce the value of your security?

  • Who is your client? A review of the issues surrounding identity of individuals and companies
           – General ID issues and problems with passports
  • What type of dilutions can impact on the value of your security?
           – Cases covered, including Substitution of Assets, Sale of Assets, Sub-Hire Agreements and Volume Rebate Schemes
           – Broker / Dealer / Supplier Collusion
  • Activity – Company formation

Other data considerations

  • Where can you find data out on companies and individuals? Use of Credit Reference Agencies
  • How does Companies House work?
  • What are the implications for manipulated data – both consumer and corporate?
           – Harvested Companies
           – Shadow Directors
           – Made up accounts
  • What other data needs to be considered? Bankruptcy and Winding Up
  • Information Sharing – FLA / D&B Fraud Alert Service
  • Activity – Accounts compare and contrast

Other Asset Finance frauds

  • Insolvency – consumer and corporate
  • PAYE / VAT Fraud
  • Asset Striping (part 2)
  • Activity – Asset Striping Jigsaw

Wrap up

  • Confirmation of objective for session
  • Summary and completion of feedback form