• 08 Sep

    Peanut Tycoons Son Conned Barclays To Pay Fake Invoices Worth GBP38m Daily Mail Online

    Horrific example of fresh air invoicing on a huge scale, against an invoice finance company (Barclays), covered by the Daily Mail Online today: Peanut tycoon's son conned Barclays to pay fake invoices worth £38m | Daily Mail Online.

    I have tweeted the Daily Mail Online about the typo that I think should have read "In this way money was obtained FROM Barclays by fraud" - rather than as it currently reads - oops.

    Fresh air invoicing is the bane of every invoice finance company's life (a sales invoice with no underlying valid transaction, making it uncollectable) but they should be identified by proper risk controls, not sure what happened in this case to allow it to grow to such high levels.

    By Glenn Blackman

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