Business fraud stories from two burned small businesses With new research suggesting business fraud awareness is stagnating, two small company owners share their experiences of being stung by swindlers. __________________________________________________________________________________ The bogus supplier will then explain that as they have changed banks, the standing order will need to be updated with the new account details. “The doubling of losses from mandate fraud over the last year should be a cause for concern for all businesses. Far too many businesses are falling victim to mandate fraud. In some cases, the losses are relatively small, in others they can run into hundreds of thousands of pounds, potentially putting the future viability of the business at risk,? said Ahmed. “Businesses must ensure their accounts staff are trained to recognise the hallmarks of a mandate fraud attempt. With the right training and controls in place, there?s no reason why these frauds should be successful.” RSM said businesses should take preventative measures such as implementing staff training programmes, verifying all request for amended payments by checking directly with the organisation or supplier in question and never leaving invoices or regular payment mandates on display for others to see.” __________________________________________________________________________________
What is CEO fraud and how can I identify it? Business Advice unpicks one of the growing threats to small companies, asking what is CEO fraud, before consulting two experts on the typical tactics employed by scammers and how owners can protect their firm. __________________________________________________________________________________
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