![]() ![]() “Millions of pounds are lost to fraud by businesses every year so it’s important to be able to spot the signs and be savvy to the sophisticated techniques used by criminals. “We are excited to announce the launch of the ‘Can you spot fraud’ quiz, a collaboration with Amazon, to help employers and employees spot the signs of fraud and scams,” said Katy Worobec, managing director of Economic Crime at UK Finance. In a CEO scam, criminals impersonate your boss or a senior manager to convince you to make an urgent payment outside of your business’s internal procedure. Invoice and mandate scams occur when criminals pose as regular suppliers and convince you to change their existing bank account details. The most common ways criminals target businesses are through CEO scams and invoice and mandate scams. Many struggle to recover from the severe financial and reputational damage it can cause. The impact of fraud and scams on businesses can be detrimental. It aims to give people the knowledge and ability to spot real-world scam calls, texts, emails and social media posts. Recreating a busy office environment, the training takes users through a series of potentially fraudulent situations. The new ‘Can you spot fraud?’ quiz from UK Finance and Amazon helps employers and employees confidently challenge situations where criminals may be targeting their business. Small and medium sized enterprises (SMEs) can be more at risk than other businesses as they may have fewer protective measures to detect fraud and less regular training on the issue. This is where the fraudster tricks their victim into sending money directly from their account to an account which the criminal controls.īusinesses are often a target for criminals as their accounts generally hold more money than the average consumer. Recent figures from UK Finance reveal that criminals stole £40.5 million from businesses through authorised push payment fraud during the first half of 2022. ![]()
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