A blog by Martin Williams, external affairs spokesman of Graydon UK, focusing on business risks - from fraud to late payment. Martin has has spent the last 35 years in the credit information industry, and has been with Graydon UK, one of the top five commercial credit agencies in the UK, for the last 20. Apart from his PR duties, he teaches credit analysis to risk professionals and helps educate SMEs on the importance of maintaining a good credit rating. Martin is a Fellow of the Institute of Credit Management and is a sitting member of the Institute's Think Tank. He was also honoured by Credit Today, after being included on their Credit 100 list of people who have had the greatest impact in the credit industry during 2008, 2009 and 2010.
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20 Mar 2008
Back on January 16th in my blog, I questioned whether BDO Stoy Hayward were right when they said the credit crunch was likely to cause an increase in fraud. How many usually decent and law abiding business people would be driven through desperation to become felons?
Yesterday, the turmoil in the stock market caused by malicious rumours in the city caused HBOS share values to fall by nearly 20% at one point. Were these rumours driven by fear or plain greed? Others are saying that the rumours may have been started by someone purposely setting out to make a fast buck to make up for significant losses in recent months suffered by hedge funds and others. Short selling is quite legal of course but market manipulation is a criminal offence because it is a type of fraud. It will be interesting to see if the FSA will ever find out who started the rumours and why.
Another commentator said on the radio this morning " When the going gets tough, the fraudsters get going". Maybe BDO Stoy Hayward are right!
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