Don’t let fraudsters take a swipe at your business

Wednesday, July 20 2016

Credit cards – the flexible friend. But criminals make millions of pounds out of UK businesses through credit card fraud each year.

Financial fraud losses across payment cards, remote banking and cheques totalled £755 million in 2015, an increase of 26 per cent compared to 2014.

That’s a big hit in the pocket for businesses who rely on money coming in.
Fraudsters can strike in a number of ways from sending false invoices, viruses posing as bills, or claiming to be suppliers on the phone.

Of more than 1,000 small-to-medium sized businesses (SMEs) surveyed by invoice network Tungsten, almost half had received a suspicious invoice or been a victim of invoice fraud in the past 12 months.

The average firm loses £1,658 per year to invoice fraud, and one is six companies estimates that fraud has cost them more than £5,000 in the past year.

The Forum of Private Business (FPB) advises small businesses to bring in measures to spot fraudulent activities early. This can include scrutinising orders and information provided by major credit card companies, and using additional security modules to online transaction processes offered by the major credit card companies.

Insurance can also help guard against these types of attacks. At Insure and Support we can tailor packages to help protect your business – keeping the fraudsters at bay while you get on with your work.