Invoice fraud

Concern Over Internal Fraud Among UK Small Businesses Rises 138% In Just One Year

Concern Over Internal Fraud Among UK Small Businesses Rises 138% In Just One Year

Concerns over internal fraud among UK small businesses has risen 138% in the past 12 months, according to a report by Bottomline Technologies. The UK Business Payments Barometer has revealed that while firms appear to be strengthening their defences – a majority remain in the dark over whether they are actual victims or not. Indeed, 56% of financial decision makers surveyed admit they don’t know if they’ve been targeted by fraudsters or not – suggesting businesses still aren’t doing enough to detect if they are being swindled by their own employees. It suggested that a rise in ‘salami fraud’, where thieves steal minimal amounts of money (even as low as 1p or 2p) that builds up over time, is a possible factor as to why small firm owners remain unsure about internal fraud. Despite the vague ... »

Invoice Fraud Causes Small Businesses to Lose £9bn Annually

Invoice Fraud Causes Small Businesses to Lose £9bn Annually

UK small and medium-sized businesses lose £9bn every year to invoice fraud, according to a report by Tungsten Network. The survey of over 1,000 companies found that nearly half (47%) have received a fraudulent or suspicious invoice in the last year with 54% identifying it as their single biggest threat. Of those affected, one in six firms believe the fraud has cost them more than £5,000 in the last year alone. Worryingly, only 44% of smaller enterprises say they would contact the police or Action Fraud if they received a fraudulent invoice while 13% admitted they wouldn’t know what to do if such a situation arose. The invoice fraud methods utilised by scammers include viruses embedded in attachments, unknown invoices attached to an email, false changes to bank details, and sending duplicat... »