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Fraud Updates
PCB News
Fraud Updates 2003
10 September
It has been reported today that a computer processor who masterminded the UK's largest ever credit card fraud has been ordered to pay back only £1,329 of the £2 million defrauded from credit card companies and their customers.
The motivation behind fraud is financial and seizing the proceeds of fraud may act as a powerful deterrent. By contrast, a criminal conviction for fraud may be difficult to obtain and given the lack of police resources, a case may not even be prosecuted. Even when a conviction is obtained this case highlights that the victims may not be properly compensated and that the fraudster may still profit.
The civil courts may allow victims of fraud to obtain freezing, search and disclosure orders combined with gagging orders. These civil remedies enable stolen assets to be traced and secured before obtaining judgment and can prevent third parties from tipping off the fraudster. This increases the chances of successfully recovering the stolen assets.
| October 2003 | August 2003 |