Fraud

Focus on fraud – What is Supplier Mandate/Invoice fraud and how to prevent it?

Fraud / By

Supplier mandate fraud involves an attempt to impersonate a known supplier and divert legitimate payments into a fraudster’s bank account. Figures for 2018 released by UK Finance show there were 3,280 cases of supplier mandate fraud in the UK resulting in a loss of £92.7 million by UK businesses. Supplier fraud is not just a …

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Focus on fraud – What is CEO fraud and how to prevent it?

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CEO fraud is so called because fraudsters impersonate the Chief Executive Officer, Finance Director or similar senior manager of an organisation, requesting a payment or bank transfer to be made, either by telephone or email.    The request is often based on urgency and secrecy and puts pressure on the employee to make the payment as …

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