Manchester-based Software Circle is carrying out a full review following a suspected 6-figure payment fraud.
The group (previously Grafenia) which owns a number of software brands told the London Stock Exchange that one of its “operating units” had been the victim of a suspected authorised push payment fraud which resulted in £426,770 being inadvertently sent from its bank account.
It stated that the incident was identified shortly after the transaction was made and “immediate action was taken to notify the bank involved and law enforcement.”
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In a statement it added:
“A specialist team within the bank is investigating the matter.
“We can confirm that this incident was limited in scope, and there is no evidence of a wider breach of the Group’s systems or data.”
The Board said that it was taking the payment fraud “extremely seriously” and “a full internal review” is being conducted, with steps taken: “to reinforce awareness of, and strengthen, payment protocols across the Group. This includes additional employee training, stricter multi-level verification procedures and enhanced fraud detection measures.”
It concluded that while the amount was “significant”, that its financial position remained strong “with a current Group cash balance of approximately £7.8 million” and all its business activities were continuing as normal.
Its shares were down 5%.
