Fraud is on the rise. There were 19% more incidents in the year ending September 2024 compared to September 2023 (ONS Crime Survey for England and Wales).
Nigel Davis, Fraud Specialist, Lloyds Banking Group
It’s no surprise that fraudsters often target businesses. They may handle large amounts of money, payments and messages. Fraudsters can also try to catch an employee off guard, especially if they don’t know about scams. That’s why it’s important for everyone in your business to know what to look out for and how to prevent fraud.
Over three quarters of payments made to fraudsters originate online (figures from UK Finance).
Here are our top five tips to help your business protect itself online:
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Think before you click.
Always check an email, text or social media message is genuine. Call the sender on a number you trust to make sure it’s not a scam. Fraudsters send scam messages with fake links or downloads to steal sensitive details like your Online Banking password. More information on scam messages.
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Hang up the phone.
If you’re not sure about a call, hang up. Your bank should never call to tell you to follow a link to a different Online Banking website to one you normally use. Keep your passwords and secure codes private. Fraudsters call pretending to be your bank or someone you trust like a supplier to steal your money and details. More information on scam calls
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Confirm payment details.
Always call to double-check invoices or other payment requests before you pay. Use a phone number you know and trust to confirm payment details. Never call a number from an email, invoice or unexpected phone call. Fraudsters can pretend to be someone like a supplier, your boss or a colleague in need of a payment. More information on invoice fraud
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Check before you buy.
Always research a seller and check reviews before you buy anything online. Genuine sellers and websites will let you protect your payment by debit or credit card, or a service like PayPal goods and services. If an item is large or expensive, only agree to pay for it when a seller hands it over. Type a website address into your browser to avoid fake links in a message or on social media. Fraudsters use fake websites, online marketplaces and social media profiles to offer items for sale. More information on buying online
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Train and test your colleagues.
Give colleagues time to learn how to spot and avoid a scam. Use our Fraud Hub as a training guide. Keep up to date with the latest scams and regularly test a colleague’s knowledge. Develop methods to help them prevent and report fraud. Our free online fraud training course is a good place to start. Fraud security video | Commercial Fraud | Lloyds Bank
Nigel Davis is Assistant Manager, Policy & Governance, Economic Crime Prevention at Lloyds Banking Group
