I am always cautious when making big decisions that determine the future of the business, and I am similarly cautious when making the smaller decisions around spending." “Spending extra time researching in the early days, will save you time and money in the long run. Particularly at the start of the financial year, all outgoings can feel especially difficult to manage, but it’s important to stay vigilant when thinking about changing suppliers or providers. Naturally, you look to save on costs wherever and whenever possible. This was followed by impersonation scams, where fraudsters pretend to be from trusted organisations.īen Lebus, founder of healthy recipe website Mob Kitchen, said: “As a business owner myself, I understand the pressures of running a company. Whilst invoice scams have been the most profitable for scammers in the last three months, purchase scams, where businesses buy items that do not arrive, were the most common type. Barclays is warning business owners to be on their guard as they look to switch suppliers to find the best deal, as fraudsters may impersonate suppliers and provide updated bank details or information for payment. Nearly 9 in 10 (85 per cent) said they would be willing to switch to a supplier they haven’t heard of before if they were offering a better price. Over half (56 per cent) said it will have an impact on their bottom line. The overall amount stolen from SMEs has gone up 13 per cent over the last year, despite the volume going down, indicating that scammers are succeeding in fewer, higher value scams, and business owners are at risk of making greater losses.Ī recent poll of UK businesses 2 reveals that 85 per cent are worried about the effect the upcoming price hikes and increased operating costs will have on their business. Barclays data has shown that this type of scam accounted for 55 per cent of all money lost by SME clients in the last three months, up six per cent year-on-year, with an average loss of £2,100. Invoice scams are when fraudsters divert genuine invoices or payment instructions sent by email, often from a familiar supplier or contact, and send a replica email with the with bank details changed to an account controlled by them. Barclays data has also shown that the average value of funds stolen has increased 13 per centĠ6/04/22: Businesses are being urged to stay vigilant when paying their bills or changing supplier, as new data 1 from Barclays reveals that in the last three months, fraudsters stole the most money from SMEs through invoice scams.Barclays is urging businesses to stay vigilant as data shows invoice scams account for 55 per cent of all money small businesses lost to scammers 1.Nearly nine in 10 (85 per cent) owners are worried about the effect the upcoming price hikes will have on their business, which could leave them open to invoice scams as they search for the best deals.
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