UK Finance’s latest half year fraud report reveals that in the first half of 2024 alone, losses due to these scams totalled £33.5 million. Invoice and mandate scams accounted for £25.7 million lost, with 78% (£20 million) occurring on business accounts, while £7.8 million were lost to CEO scams, averaging nearly £50,000 per case – the highest of all scam types.
,Fraudsters often research company structures and employees over several months to impersonate senior staff or trusted suppliers, tricking businesses into making unauthorised payments.
,UK Finance’s Take Five campaign offers top five tips for businesses during this busy time of the year exploited by criminals:
,Take Five also encourages everyone to Stop, Challenge and Protect:
,Giles Mason, Take Five spokesperson noted: “As the end of the tax year approaches, it’s important for business to stay alert to potential threats of fraud to their businesses. Businesses often process higher-value payments more frequently, making it harder to spot a fraudulent one. By following the Take Five to Stop Fraud advice, you’ll help Stop, Challenge and Protect your businesses from threats of fraud.”
