Keeping criminals and their money out of your business
Recent attacks on retailers such as Marks and Spencer and the Co-op have once again highlighted the harm, disruption, and reputational impact a cyberattack can cause. Such incidents are newsworthy and are popular with criminals because of the low risk vs potentially high returns. But we should not lose sight of other financially motivated incidents that could destroy our businesses.
Small and medium-sized enterprises (SMEs) in West and North Yorkshire face growing threats from financial crime, including money laundering, fraud, and cyberattacks. Our cities and surrounding areas serve as economic hubs, creating attractive targets for criminals.
New addition to Chamber, Colin Tansley of Scarborough based Intelect, is a former West Yorkshire and Cleveland Police officer who specialises in protecting small to medium businesses with cyber security training, Due Diligence investigations, and an AML compliance technology platform (Investigation Engine).
A firm believer that ‘prevention is better than cure’, here are his tips on what you need to know to safeguard your business and where to find expert support. Because SMEs may struggle to reclaim stolen funds, police resources are limited, there can be a delay in detection, and the smaller business may not have the resilience or coverage that is enjoyed by larger companies.
Like all the other plates we must spin, security is as important as your bookkeeping, marketing and sales.
“I’ve been running my own company now for over 15 years and have lost count of the number of times I have been contacted by business owners ‘post event’. For the most part criminals are opportunists and will go for the easier target. But we can all do simple things to make it much harder for them” says Colin.
Here’s a snapshot of some financial crimes from our region.
In 2023, authorities uncovered a £200 million money laundering scheme involving Bradford based businesses, where criminals exploited legitimate companies to ‘clean’ their illicit funds.
In April 2025 three men were sentenced over their part in a multi-million-pound cannabis growing operation. They used property management companies to obfuscate their activity. Their activities caused substantial financial loss to the legitimate landlords.
In May 2025 a result of an investigation conducted by detectives from the Greater Manchester Police Economic Crime Unit three men have been charged with fraud offences between September 2023 and June 2024 concerning the use of hire vehicles across Greater Manchester, West Yorkshire, North Yorkshire, and Cheshire regions.
Let’s examine some of the threats to your business.
Money Laundering
Criminals can use local businesses to obfuscate illicit funds. These can range from cash generating businesses, construction firms to hospitality venues. Be on the lookout for red flags which can include,
- Unusual cash transactions (e.g., a café suddenly depositing £10,000 weekly).
- Clients insisting on secrecy or providing inconsistent documentation.
- Unexplained third-party payments.
Phishing to fake invoices
CEO fraud – Where scammers impersonate senior staff to trick employees into transferring funds.
Invoice Fraud – Fake supplier requests cost UK SMEs £2.3 billion annually.
Cyber attacks
Ransomware – A significant threat and increasingly commonplace. Attackers encrypt business data and demand payment, often in crypto currency.
Data Breaches – Poor cybersecurity places your customer data at risk exposing you to reputational damage and fines under data protection legislation.
Practical steps to mitigate risks
“Drawing on over 40 years of combined law enforcement and corporate security experience, these are the things I would strongly recommend you do, as they will assist in identifying threats and make your business more secure.”
Anti-Money Laundering
Conduct KYC (Know Your Customer) & Due Diligence. Verify client identities and sources of funds/wealth.
Train staff to spot red flags such as inconsistent transaction patterns or unusual payment requests.
Use tools like Investigation Engine to screen clients and businesses.
Anti-Fraud
Implement a ‘two-person approval’ rule for all payments.
Have a security culture throughout the business, keep doors locked, sign visitors in and out, implement a clear desk policy.
Have policies and procedures in place that staff are aware of and understand.
Cyber protection
Enable multi-factor authentication and ensure software is updated regularly.
Back up data offline and test recovery plans frequently.
Ensure long and strong passwords are used and not recycled across platforms.
Regulation and compliance
The Economic Crime and Corporate Transparency Act 2023 places greater responsibility on SMEs to prevent fraud and money laundering. Whilst compliance can seem complex, I specialise in providing practical, jargon-free training and support that is tailored to clients.
Support and Resources
Financial crime threatens not just your bottom line but your business survival. Here are some additional resources that are worth reviewing.
Action Fraud – https://www.actionfraud.police.uk/
West Yorkshire Police fraud advice – https://www.westyorkshire.police.uk/advice/fraud-and-financial-crime/fraud-and-financial-crime
North Yorkshire Police fraud advice – https://www.northyorkshire.police.uk/advice/advice-and-information/fa/fraud/
North-East Business Resilience Centre (North-East, Yorkshire and The Humber) – https://www.nebrcentre.co.uk/
Intelect Group business security page – https://intelect-group.com/free-stuff-business-security/