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Tips to prevent business fraud

UK Finance's annual fraud report has found that criminal gangs stole more than £1.3 billion in 2021, up 8% on 2020's figure of £1.2 billion. UK Finance is calling for greater cross-sector action to help stymie fraudsters, and is urging businesses and consumers to remain vigilant to guard against falling victim to different types of fraud, from impersonation scams to authorised push payment fraud.


Business fraud is simply the intent or the act of misrepresentation – scammers lying about themselves or their actions and services – to cause a gain or loss.


It’s important to recognise that a fraud can come from anywhere including:

  • staff members

  • customers

  • suppliers

  • third parties, unconnected to the business


Ten tips to prevent business fraud:

  1. Be sceptical

  2. Know your business inside out

  3. Know your customers and suppliers

  4. Develop a strategy and talk about fraud

  5. Take extra care against cyber-attacks.

6. Understand your finances

7. Secure and protect your property

8. Identify areas where your business is vulnerable to fraud

9. Develop an action plan

10. Always report fraud and get help



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