Software Circle PLC on Thursday said one of its business units has fallen victim to a suspected payment fraud, but it said the incident had limited scope.
The Manchester, England-based acquirer of market software businesses said the suspected authorised push payment fraud has resulted in one of its operating units inadvertently sending £426,770 from its bank account.
Authorised push payment scams occur when an individual is tricked into sending money to a fraudster posing as a genuine payee.
Software Circle clarified that no evidence suggests a wider breach within its systems or data.
Software Circle referred to the amount in question as ‘significant’, but said its financial position remains strong, with the incident not disruptive to its business activities.
Its shares fell 5.8% to 27.80 pence on Thursday morning in London.
Software Circle said it is undergoing a full internal review, noting the imposition of steps to ‘reinforce awareness of, and strengthen, payment protocols across the group’.
Software Circle noted its current cash balance of £7.8 million. It reported net cash of £2.4 million, and cash and cash equivalents of £12.7 million at its interims in December.
The company expects to publish its results for the financial year ended March 31 in the coming weeks.
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