Tungsten

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... »