To overview 04. October 2021 News INVOICE FINANCE, ARMOUR AGAINST THE FRAUDSTER Invoice and Mandate Scams accounted for £81.9 million of APP loses so far in 2021. Intercepting payment emails or comprising an email account, how do our receivables team take every precaution to make sure the cash stays put! Scammers are taking advantage of the increased use of online transactions and the recovery drive following the Pandemic - conning businesses into giving up their money. Whether posing as the Government or Debt Relief Agencies or hacking accounts to send money to criminal bank accounts, the risk of fraud is three times higher than in 2018. INVOICE AND MANDATE FRAUD A debtor attempts to pay your outstanding invoice , but a criminal intervenes to convince the them to redirect the payment to an account they control. Posing as your business and claiming that the bank account details have changed. This type of fraud often involves the criminal either intercepting emails or compromising an email account. Invoice and mandate scams were the sixth most common type of APP scam in 2020, however they accounted for 17 per cent of all APP losses, totalling £81.9 million. The majority of losses by value, some £52.5 million, were from non-personal or business accounts, where the average payment was £18,871. These businesses make higher value payments more regularly and are key targets to those looking to making a quick and large buck. HOW CAN BUSINESSES STAY SAFE FROM INVOICE AND MANDATE SCAMS? Always confirm any bank account details directly with the company either on the telephone or in person before you make a payment or transfer any money. Criminals can access or alter emails to make them look genuine. Do not use the contact details in an email, instead check the company’s official website or documentation. If you are making a payment to an account for the first time, transfer a small sum first and then check with the company using known contact details that the payment has been received to check the account details are correct. Contact your bank straight away if you think you may have fallen for an invoice or mandate scam HOW CAN GRENKE INVOICE FINANCE SECURE YOUR FINANCES? Communication, communication, communication. Our receivables management team work closely with our clients and their debtors managing the transfer of payments securely between parties. Each clients has ONE dedicated Account Manager who is only one call away. We would never change our bank details or our clients bank account details without issuing a request directly to the director and speak to them directly verifying the request. Debtors pay us. Our team manage the transfer to our clients dedicated bank account. Although administratively heavy our side, it keeps it simple and secure for our clients. Looking for more security and consistent and professional processing, our team could add on another layer of protection to your finances and reduce the risk of being defrauded. Speak to a member of our team today. MORE ON INVOICE FINANCE YOU MIGHT ALSO BE INTERESTED IN 11 NOV 2021 Unpaid Invoices widespread in UK SMEs Late payments are forcing business owners to make tough decisions. Tackling the issue of unpaid invoices will be vital to allow small businesses to continue trading and grow their enterprises, ulti... More information 27 SEP 2021 GRENKE Hemel, 10 Years of Great Business GRENKE Hemel is dedicated to local businesses and has been for 10 years. Our experienced and friendly team offer simple finance solutions across northern London counties, from Reading to Ipswich, a... More information Do you have any questions or need help finding the right solution? GET IN TOUCH SOLUTIONS For Companies For Self-employed For Institutions For Start-Ups ABOUT US GRENKE UK GRENKE History Investor Relations Working at GRENKE GOOD TO KNOW For Resellers FAQ Leasing FAQ Factoring Whistleblower System MEDIA CENTRE Events News Press UNITED KINGDOM LEGAL NOTICE PRIVACY POLICY COMPLAINTS POLICY MODERN SLAVERY ACT © GRENKE 2021 PRIVACY SETTINGS Based on our legitimate interest, we use essential and functional cookies. These are therefore preset in our default settings. If you subsequently agree, we also use cookies for statistics or marketing purposes. You can always change your mind and make adjustments. More about data processing and your rights in our privacy policy. More details in the legal notice KEEP DEFAULT SETTINGS AGREE TO ALL CHANGE SETTINGS