Banking Fraud Investigation Solicitors

If you or your business are under investigation, or you have been arrested, invited for a voluntary interview, charged or face proceedings for any allegations relating to fraud against a bank or other financial institution, the specialist team at JMW can provide expert advice, assistance and representation. 

We have been and are involved in some of the largest and most complex business crime investigations and prosecutions, and are ranked a top-tier fraud firm by the Legal 500, as well as Chambers and Partners.

The specialist team has experience in dealing with all kinds of fraud and the specialist knowledge to handle even the most complex cases. To find out how we can help you, call us now on 0345 872 6666, or fill in our online enquiry form and we will get back to you.

How JMW Can Help

We represent individuals and corporate entities accused of bank fraud, which is commonly prosecuted as offences of conspiracy to defraud or fraud by false representation. It may also include specific regulatory or money laundering offences. We have a specialist team of solicitors who can assist you no matter what offence is alleged and provide advice every step of the way.

Our fraud solicitors act fast to secure the necessary evidence to support your case so that facts can be properly established. Many individuals and companies can be improperly linked to suspicious financial activity or, more generally, a criminal investigation. Therefore, it is important to ensure specialist advice is taken as soon as possible. Early intervention can often be crucial in avoiding or limiting proceedings. It can also help avoid costs in later stages of complex investigations.

The experienced and knowledgeable team at JMW has the skills and expertise to build the best possible defence case for you. Whether your matter is privately funded on an individual or corporate basis, or through a legal aid representation order, you can rest assured that we will offer a proactive, robust and cost-effective service. We have extensive knowledge of this area of the law and a track record of success in defending individuals accused of bank fraud offences.

As leaders in their respective areas of law, we are nationally recognised for our comprehensive service, which can also include a range of other professionals, from accountants to computer forensic experts. We can represent people across the UK with offices in Manchester, London and Liverpool. 

Please note that we do not offer a free advice service or no-win, no-fee funding to consumers wishing to complain about the service offered by their bank. Our representation is offered in the context of defending criminal allegations and alleged fraud. If you are the victim of fraud, you should make a report to Action Fraud. If you wish to complain about the service provided by your bank, they will have an internal complaints procedure, including information on how you may involve the Financial Services Ombudsman.

Types of Bank Fraud

Many types of fraud can be associated with a bank or other financial institution. Our experience includes representing companies and individuals alleged to be concerned in the following:

Sentences/Penalties for Fraud

Under the Fraud Act 2006, a charge of fraud by false representation, fraud by failing to disclose information, fraud by abuse of position or conspiracy to defraud has the maximum sentence of ten years in prison. A charge of false accounting under the Theft Act 1968 has a maximum sentence of seven years in prison.

In addition to a custodial sentence, you may also face the following penalties:

• Disqualification from being a company director
• A substantial fine
• A confiscation order, which means any benefit from the crime will be confiscated and criminal lifestyle assumptions may apply

The type of sentence you may receive if convicted of bank fraud may depend on some of the following factors:

• Your role in the fraud and your level of knowledge
• The level of actual or potential harm caused by the fraud
• The type of banking fraud
• The impact of the crime and how it has affected the lives of those involved
• Whether you have or have not submitted a guilty plea
• Any attempts to hide or destroy evidence
• Any previous convictions
• Any mental or physical health issues
• Any relevant family circumstances

How does the bank fraud investigation process work?

There are a few different UK authorities that may be involved in bank fraud investigations, and the specifics of the process may be different depending on who is leading the investigation. However, the general stages of the process will usually be the same.

The first step in any banking fraud investigation is the detection of suspicious activity. This may be identified by a bank's internal security systems, through customer reports, or via tips from other financial institutions, law enforcement agencies, or Action Fraud, the UK’s national fraud and cyber-crime reporting centre.

Once suspected fraud is identified or reported, the bank or financial institution in question will conduct an initial assessment. This may involve reviewing transaction histories, account activities, and communication records to establish whether fraud has taken place. This is not always conclusive, and further investigation will usually be needed. Ideally, authorities should carry out a full investigation before taking any action against an account holder - for example, by freezing access to their accounts. If financial institutions or law enforcement authorities act too quickly in these cases, it can create serious financial difficulties for innocent people.

When initial assessments indicate fraudulent activity, the relevant authorities will typically launch a more detailed investigation. Banks and financial institutions are required to report suspicions of fraud or money laundering to the National Crime Agency. They may also have to report concerns to the Financial Conduct Authority or other relevant regulatory bodies in some cases, particularly where suspicions extend to regulated professionals within the industry. 

The fraud investigation process involves collecting evidence, which may include financial statements, IP addresses, CCTV footage, and other types of information. You may be asked to attend an interview and give testimony about your activities or your relationship to a person who is suspected of a crime. Authorities that investigate fraud have comprehensive powers to collect evidence, but it is important to remember that you also have rights that must be upheld.

Working with a solicitor during a bank fraud investigation is often key, as this can help to reinforce and protect your rights. Our expert fraud solicitors can support you during interviews with authorities, and help you to comply with the requirements of investigators while also ensuring you are not made to disclose privileged information or answer irrelevant questions. If you are suspected of being involved in criminal activity, it is vital to mount a defence at your earliest opportunity, and our lawyers can advise you of the options available in your case.

In collecting evidence, the authorities are seeking insights that could help identify the fraudster and understand the mechanics of the fraud that they suspect is taking place. They will also try to trace the source of the fraud, understand how it was perpetrated, and identify any weaknesses in the bank's security systems. This phase is critical for building a case against the fraudsters and for improving security measures to prevent future incidents.

During this process, the bank may take various actions to support the investigation process, including freezing accounts, reversing fraudulent transactions, and improving security systems. They may also work with law enforcement to pursue criminal charges against the perpetrators. The recovery of stolen funds is a key objective, which is the primary reason why account freezing orders (AFOs) and other mechanisms may be used.

However, it can be challenging if you find yourself subject to an AFO without warning. You may be unable to afford your daily living expenses, or the day-to-day costs to run your business. Without access to your funds, you may also be unable to afford legal assistance to have the order varied or discharged. JMW's banking fraud investigation solicitors can support you to regain access to your funds and help you to pursue the best possible outcome from any investigation.