British bank chief admits to £2.4m fraud

Jessica Harper, a former boss for UK bank Lloyds TSB, has admitted a £2.4million fraud over a four year period, while being in charge of fraud and security for digital banking.

Harper’s job was to prevent fraud at Lloyds Banking Group. But she has now attended Southwark crown court, in London and admitted to fraud after being charged. She had been abusing her position by submitting false invoices to claim payments that totaled £2,463,750.

The former boss also admitted to the charge of transferring criminal funds which she had defrauded from her employers. The court heard that the 50-year-old, from Croydon, South London, was active in fraud operations between 28 December 2007 and 21 December 2011.

Harper’s defence lawyer said she was in the process of selling her £700,000 home to repay some of the funds she had stolen. She is to be sentenced at a later date.

Moreover, even though Britain steps up security measures to help prevent fraud especially when it comes to banking or online banking, the British banks still remain a primary target for fraud and theft, whether it involves drug money from international organizations or members of staff operating illegally within the banking systems.                                              source article