Partner Michael Barnett comments on banking fraud and Companies House in City A.M.

Partner Michael Barnett comments on concerns over a sophisticated fraud targeted at banks and financial institutions, and discusses how Companies House must bolster its safeguards to identify and prevent frauds on this scale.

Michael’s comments were published in City A.M, 5 March 2024, and can be found here.

“The urgent review launched by Companies House casts a spotlight on the increasingly sophisticated threat to banking infrastructure posed by cyber-activists.

“The source and motivation for this attack remains to be identified; however the capability behind the falsification of liability and security records at Companies House on such a scale signifies the level and breadth of the threat to which the public and banks are increasingly exposed.

“There is no doubt that the threat of cyber-fraud to our banking system is developing exponentially, and it is vital that regulators and government agencies such as Companies House take responsibility in dealing with these more sophisticated frauds.

“In this instance, with the new powers provided by the Economic Crime and Corporate Transparency Act, as well as a push for greater funding, it is crucial that Companies House improves its systems and safeguards to prevent and identify fraud on this scale.”