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UK Firms Hit With Fraud

British business owners have more than just Brexit to worry about. According to research from Santander Business, half of business owners and senior managers are vulnerable to invoice fraud, states LondonlovesBusiness.

"By not checking invoice details carefully before making an online payment, small businesses are leaving themselves dangerously exposed to fraud," said Sue Douthwaite, managing director with Santander Business. "It's very concerning to see large numbers of businesses putting themselves at risk unnecessarily."

Only half of owners and managers would check invoice details when emails ask them to make online payments. Roughly 40% of business owners and senior managers would pay accountant fees after receiving the email request despite not checking to see if the request was fraudulent or not.

"Before attempting any payments, businesses should always double check the details directly with the company, and in cases of suspected fraud, contact the bank immediately," added Douthwaite in the article.

Almost 50 million pounds were lost to invoice scams during the first half of 2018. The article suggests checking invoices and bank statements before sending payment. An internal checks and balances system is also a way to protect against unwanted scams.

-Michael Miller, managing editor

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Friday, 08 December 2023

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