Fraud – A blight many businesses are now facing on an increasing sale. It’s a global problem which is targeting UK businesses with surprising success rates. The Office for National Statistics (ONS) reported online fraud rising more than a 3rd in the last 12 months!

These are not small numbers either. The UK suffered fraud losses of over £52 billion over the last 12 months.

So what’s changing?

Due to the pandemic the trend for online threats is rising. More of us are using technology to access shopping, banking, and work platforms. This is leading to criminals targeting these platforms with success. Often, because most don’t follow the basic online security prevention tactics.  

What have we seen?

  • One customer was targeted having their online banking access hacked. Over £100k was transferred from their savings accounts preventing them paying wages and suppliers on time.
  • Email interceptions: We ourselves received an email from a supplier requesting payment for an invoice with new bank details. This email was written from the supplier to our MD using the correct language, grammar, and names. Luckily we rang the supplier to check the bank details, to discover their email account had been hacked!
  • Funding fraud: Customers attempting to fund assets that the supplier doesn’t own or don’t exist. Again, we have had a close shave with this in the last 3 months.

What can we do to prevent fraud?

  • Change your passwords monthly
  • Use two factor authentication: Learn more here
  • Call up suppliers to confirm bank details for each invoice over the phone
  • Visit and view equipment before attempting to fund it
  • Check your bank daily for unauthorised payments
  • Keep an eye on your credit score: Monitor for credit taken out in your name
  • Using security protection such as Bitdefender on your computer

Most of all just keep an eye out for scams. As my father said to me when I first started handling money. “If it quack’s like a duck, waddles like a duck, it’s probably a duck”. A statement which has steered me well for the last 15 years. More often than not, the scams are obvious when you stop and think!

Contact us here if you want to fund your business safely…