Tax Policy Associates (TPA) has drawn attention to a form of VAT fraud which exploits companies which routinely receive VAT refunds. Fraudsters operate the scheme by submitting a paper form VAT484 (which is used to notify HMRC of changes to a VAT-registered business’s contact, bank or VAT return date details) purportedly on behalf of the company, changing the company’s bank details. HMRC process the form and issue the refund direct to the fraudulent bank account. TPA reports that this has already affected at least three FTSE 100 companies and an unknown number of smaller businesses.

https://www.taxjournal.com/articles/vat-refund-fraud-targets-businesses