2023 - Protecting Our Business from Financial Crime

Which of the following is a potential warning sign of fraud in the income employment category?

What is one way to spot potential fraud issues with clients early in the finance arrangement process?

What is one potential warning sign of fraud in the income employment category related to bank statements?

Which one of these should be considered when scrutinizing large deposits for mortgage applications?

What should be obtained to verify the funds for a gifted deposit?

What should be checked to ensure that all mainstream mortgages are plausible?

What should be done if an application stalls due to a chain break or relationship breakdown?

Which of the following factors should be considered when assessing the quality of payslips?

What should be checked when reviewing bank statements for salary credits?

What should be considered when assessing self-employed applicants?

Fraud Detection in Income Employment

Inconsistencies in income or employment history can be a potential warning sign of fraud in the income employment category.
One way to spot potential fraud issues with clients early in the finance arrangement process is to thoroughly review their income and employment details.

Bank Statement Verification

Unusual or irregular patterns in bank statements, such as large deposits or irregular salary credits, can be a potential warning sign of fraud in the income employment category.
Large deposits on bank statements should be scrutinized, and the source of funds should be verified to ensure legitimacy.

Mortgage Application Verification

To verify the funds for a gifted deposit, a gift letter or a letter from the donor should be obtained.
To ensure that all mainstream mortgages are plausible, the applicant's income and employment details should be thoroughly checked.

Application Processing

If an application stalls due to a chain break or relationship breakdown, the applicant's situation should be reassessed, and alternative options should be explored.

Payslip Assessment

When assessing the quality of payslips, the employer's details, the applicant's job title, and the salary payment frequency should be considered.

Bank Statement Review

When reviewing bank statements for salary credits, the frequency and consistency of the credits should be checked.

Self-Employed Applicants

When assessing self-employed applicants, their business type, income stability, and credit history should be considered.

Learn how to protect our business from financial crime with this practical guide. Spot warning signs early and avoid significant impacts on your business. Discover key categories to watch out for and stay one step ahead of fraudsters.