FRAUD WATCH – Grab Finance/Seek Finance

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WARNING!!! WARNING!!! WARNING!!!

Cognor international Finance PLC trading as Grab Finance
Company number: 08747323
Alleged address: 5th Floor, 6 St. Andrew Street, London, EC4A 3AE

This fraudulent firm is ironic as in their name ‘Grab Finance’ is exactly what they do. They grab the finances of unsuspecting start up businesses in need of funding.

Finding a grant can be tedious however, there is funding out there if you know where to look. Fraudsters like Cognor International Finance PLC have taken advantage of this market by offering FREE grants to businesses. The initial application process seems formal enough with:

1. An online form to fill in your basic details for a call back
This is relatively normal

2. A call back from a representative with a brief telephone interview
This is the fishing for information stage to see if you’re worth defrauding. The targets here are businesses that can afford to contribute a percentage of the full amount awarded, usually up to 30%.

E.g. if you’d be awarded a grant of £12,000.00, Grab Finance will supposedly contribute an initial £8,400.00 leaving £3,600.00 as your contribution.

3. A decision – Alarm bells start ringing.
If you applied for full funding without a contribution, at this point your application will be unsuccessful however, if you applied for the part funding option with a contribution, you will be overjoyed to know that your application has been approved for the full amount. At this point, most firms will be duped by the initial elation of being approved for funding and the promise of additional cashflow that basic due diligence is forfeit.

  • Did they request a business plan to access the nature and viability of your business?
  • Were you invited anywhere to meet regularly with a liaison to prepare you for panel?
  • When you call Grab Finance, is there ever any senior members or staff available to answer any of your queries or concerns?

4. Receipt of application pack
This is packaged in such a way as to… Well, see for yourself (attached page 3 of 5 page acceptance form. Full form is shown on our facebook and Google+ pages)

5. Set up online business pre-paid Mastercard account
You will be given a link to a fraudulent Mastercard website with an unofficial contact number to verify it. Here, you will need to set up an account (requesting your passport, date of birth, company name and your address with proof) to receive a special PIN which you must send to Grab Finance. Once they’ve received your PIN, they’ll upload the £8,400.00 onto the pre-paid Mastercard and as soon as you contribute your £3,600.00, they’ll… Grab Your Finance.

  • Call Mastercard’s official contact telephone number which you can find on the official Mastercard website. Get confirmation from a named representative
  • Mastercard will give you information that fraudsters cannot verify as in, the first 6 digits on the card and to confirm the card issuer for verification
  • Have you received your pre-paid business credit card? Or will you receive it only once your contribution has been uploaded? Does it even exist. Call Mastercard directly

If you have fallen victim to these fraudsters, please take the necessary steps to protect yourself by contacting:
1. Action Fraud
2. Your Banks / Building societies
3. Cifas (To avoid accounts being opened in your name)
4. Companies House (To avoid companies being opened in your name)