Last week the group revealed that one of its operations had made a payment of £426,770 in the suspected fraud. 

In an update this morning (27 May), Software Circle said the funds had been recovered in full.

“This positive outcome is the result of the swift action taken by the group and the business unit involved, close coordination with the banking institution and the cooperation of all parties involved in the investigation.”

It reiterated that it was an isolated incident, and there was no evidence of any breach of the group’s systems or data.

“The board reiterates its commitment to strengthening internal financial controls. In addition to the measures already introduced, the group will continue to review and evolve its procedures to ensure robust defences against financial crime.

“We appreciate the prompt response and diligence of the bank and authorities in this matter.”

Software Circle owns eight software companies that specialise in different industry verticals.

Shares in the group rose by 3.64% to 29.02p on the news. They had been at 29.75p prior to last week’s disclosure. (52-week high: 32.40p, low: 15.30p.)

Authorised push payment (APP) fraud involves fraudsters tricking their victims into willingly making large bank transfers. There were more than 232,429 cases of the fraud in the UK in 2023, with nearly £460m lost to the scam.