Thursday, 7 January 2021

Four steps to protect yourself from invoice fraud

As we start a new year, we wanted to share some tips to help protect your business from one of the most common types of fraud – invoice fraud.
It happens when criminals pose as suppliers, tradesmen or solicitors, and ask you to change the bank account details that you use to pay them.
In the first half of 2020, £45.6 million was lost to invoice and mandate scams. £29.4 million of that was lost by businesses.
Here’s how to spot an invoice fraud, and make sure it doesn’t happen to you.

1) Always confirm invoice account details directly with your supplier, using established contact details, BEFORE making any payment, even if you have paid them before. Avoid using the contact details in an email as you could end up speaking to a fraudster.

2) Establish at least two designated points of contact with all your regular suppliers. And do this over the phone. This will make it easy to check any change of bank account or payment arrangements directly with them.

3) Carefully scrutinise all invoices you receive. Look out for spelling errors or slight changes to email addresses.

4) Educate any employees responsible for processing supplier invoices about this type of invoice fraud.

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