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The Analysis News & Opinions
Opinion
Rising infl ation ‘weighing’ on household budgets
Criminal jailed for compromising banks
The latest UK Consumer Prices Index (CPI) fi gures, published by the Offi ce for National Statistics, show that CPI rose to 9.1% in the 12 months to May, up from 9% in April. As average food bills alone have risen by
£380 a year, and with rising fuel prices and household bills showing no sign of abating, the charity warns that more support is needed for people on the lowest incomes. With infl ation now at 9.1%, rising costs are
weighing heavily on household budgets. For many people, the increasing burden of high prices is already taking its toll and is only add- ing to the diffi culty of meeting day-to-day costs. At National Debtline and Business Debtline
we are hearing from more and more people with defi cit budgets – where their income sim- ply isn’t enough to cover their basic needs. Our worry is that options are running out for peo- ple who are already in fi nancial diffi culty. The package of further support recently an- nounced by the Government goes some way towards helping households under pressure. For those on the lowest income, however, ur- gent action is needed, including signifi cantly raising benefi ts.
Joanna Elson Chief executive, the Money Advice Trust
A man has been sentenced to four years and six months in prison at Southwark Crown Court for
providing criminals with access
to computer software to enable them to compromise victims’ bank accounts and commit fraud off ences. Timmy Ijie, 25, of South London, pleaded to
guilty supplying computer software for
fraudulent purposes and money laundering following an investigation by the Dedicated Card and Payment Crime Unit (DCPCU), a specialist police unit funded by the banking and fi nance industry. Mr Ijie sold access to the service to other criminals via an encrypted messaging system at a cost of $700 for a monthly subscription, payable in cryptocurrency. The software enabled criminals to dupe into
people handing over their personal
banking information, which was then used to bypass bank security systems. The service was purchased on over 1,000 occasions and generated sales of over £1m. Mr Ijie was found to have sold the service
between 24 April 2021 and 4 February 2022, and the fraud was spotted by the DCPCU’s intelligence unit. Andrew Hammond, Detective Constable at
the DCPCU, said: “Ijie callously profi ted from the sale of computer software which enabled criminals to
compromise victims’ bank
accounts and commit fraud. “Fortunately our unit was able to identify this criminal and bring him to justice by using a variety of tactics and working closely with the Crown Prosecution Service. This sentencing is a warning to those who
believe they can benefi t fi nancially from fraud that they will be caught and punished. Alistair Dickson of the CPS said: “Ijie
boasted on social media how successful this software was, in enabling the commission of fraud. He bragged that, in one day alone, it had been used by criminals to defraud over 150 victims and posted positive reviews from criminals who had successfully used the software. “Potentially thousands of victims may have had their bank accounts compromised and money stolen from them. Ijie’s guilty pleas and sentence will prevent this software circulating any further and will help keep bank accounts secure from fraudsters. “We would like to thank the Dedicated Card
and Payment Crime Unit for their excellent in- vestigative work.”
10
www.CCRMagazine.com
June 2022
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