Take Five to Stop Fraud

UK Finance has warned businesses to be alert to targeted scams as data shows a significant increase in the incidence of such crimes over the past year.

Research recently released by accountancy and business advisory firm BDO suggests eight out of ten mid-sized UK businesses experienced fraudulent activity last year, with over a third reporting an increase in fraud over the past 12 months. The survey also found average losses totalled £223,000, with professional services, leisure and finance sectors the hardest hit.

Data from UK Finance shows businesses collectively lost £59m to scams across the first half of 2021. The trade association’s Take Five to Stop Fraud campaign urges firms to remember that criminals are experts at impersonating people and supplier organisations, and encourages companies to ‘Stop, Challenge, Protect’ before they act in order to ensure they don’t fall victim to fraudsters.

Katy Worobec, UK Finance’s Managing Director of Economic Crime, said, “Businesses should make it a priority to be wary of any unexpected contact requesting an urgent payment. The banking industry is tackling fraud on every front, but it’s important for businesses to always stay alert and when in doubt, remember the advice of the Take Five to Stop Fraud campaign.”