A recent survey carried out by UK Finance has found that 43% of businesses are not even aware of the existence of invoice fraud scams, despite it costing UK businesses nearly £93million in 2018 alone.
Invoice fraud scams are becoming increasingly common, and involve fraudsters posing as legitimate suppliers in order to trick businesses into transferring the funds to the fraudster instead of the actual payee. The frauds are becoming more and more sophisticated, as the fraudsters use various methods to obtain confidential information relating to the genuine transaction in order to make their impersonations more convincing.
There are a number of steps which businesses can take to reduce their risk of falling victim to invoice frauds, some of which were summarised in my earlier article: https://www.linkedin.com/pulse/four-simple-free-steps-minimise-cyber-security-risks-your-michael-axe
If you have any queries about how to reduce the risk of invoice fraud, or what to do if you have been a victim of invoice fraud, please get in touch with me at email@example.com.
There were 3,280 invoice and mandate scam cases involving businesses over the year, with an average loss per case of over £28,000.