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:
Be sceptical
Know your business inside out
Know your customers and suppliers
Develop a strategy and talk about fraud
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
