Managing the risks of financial crime in the education sector

While the rest of the country unites against a common unseen foe, sadly, it’s inevitable that cyber criminals see the Covid-19 pandemic as an opportunity to up their game and attempt even more fraud. Educational institutes are very much among the organisations in their sights.

We make a point of regularly urging all our clients to protect themselves against cybercrime, but now is a time – when so many of us are working remotely – to be particularly vigilant against scams like phishing and CEO impersonation.

Adapting to a growing market

We’ve updated our guide to managing the risks of financial crime in the education sector, which looks in detail at potential financial crime risks and how they can be managed.

In an increasingly global education market, the guide details UK institutions’ legal responsibilities in the battle against money laundering, bribery, corruption and terrorist financing, as well as those dealing with countries where international sanctions are in place.

Manage risk

The guide also examines how criminals target institutions’ employees to penetrate security and how staff training is vital to build effective defences. It also talks about how fraudsters are increasingly preying on students, who as typically young people getting their first taste of independent life are particularly vulnerable to these threats.

Barclays has vast experience working with institutions to put the necessary controls in place to avoid falling foul of these attacks. As well as our guide, you can find further guidance on our dedicated fraud hub.

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