A recent Insolvency Service case (involving a £123,000 confiscation order linked to Bounce Back Loan fraud) is a reminder that weak controls and inaccurate records can quickly become costly. Here are the practical red flags to watch for—and what to do if you suspect fraud.

  • Case snapshot: three Bounce Back Loan applications totalling £150,000 were made using another person’s name; £100,000 was paid out.
  • Alleged concealment: false Companies House documents and a fabricated invoice were cited by investigators.
  • Result: a two-year prison sentence was reported, followed by a £123,000 confiscation order plus costs.

Red flags for business owners

  • Finance applications, grants, or credit being pursued in someone else’s name.
  • Company filings/records that don’t match what you know to be true (directors, addresses, financial position).
  • Unexpected changes to banking mandates, accounting access, payroll, directors or shareholders—especially under financial pressure.
  • Supplier invoices that can’t be validated, or urgent requests to change bank details.

What to do if you suspect fraud

  • Stop the bleed: pause suspicious payments, change passwords, and review bank/accounting users.
  • Verify independently: confirm supplier/customer details via a known number (not the one in the email/invoice).
  • Preserve evidence: secure emails, invoices, logs, and key finance data before anything is deleted or overwritten.
  • Get support early: speak to your bank/insurer/advisers and consider specialist investigation help.

How TIAA Ltd can help with fraud investigations

TIAA Ltd helps business owners move from suspicion to clarity with a structured, evidence-led approach—so you can understand what happened, limit further loss, and support recovery and onward reporting where appropriate.

  • Rapid triage: scope, priorities, and an investigation plan.
  • Financial/document review: banking, invoices, ledgers, and supporting records.
  • Checks & verification: validate entities, suppliers, and key facts using independent sources.
  • Clear reporting: findings, timeline, and practical recommendations.

Need support?

Concerned about suspected fraud in your business? TIAA Ltd can support you confidentially. Contact us via fraud@tiaa.co.uk.

Disclaimer: General information only, not legal advice. If you believe a crime is in progress or there is immediate risk, contact your bank and the relevant authorities.