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.
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