MANDATE FRAUD LOSSES APPROACH £100 MILLION IN 2018/19

On 29th July, Accountancy Age reported that, according to the data obtained by RSM from the UK’s national fraud and cyber-crime reporting centre, businesses lost a total of £99,283,213 to mandate fraud in 2018/19.  The average amount lost by each business was £27,756, representing a 24% increase from 2017/18.  Mandate fraud (aka invoice redirection fraud) occurs when an employee is tricked into changing a regular payment such as a direct debit, standing order or bank transfer, and redirects the payment to an account owned by the fraudster.  The article includes tips on the prevention of the fraud.

https://www.accountancyage.com/2019/07/29/mandate-fraud-losses-approach-100m-in-2018-19/

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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