As the tax year end approaches, UK Finance’s Take Five to Stop Fraud campaign is urging businesses to remain vigilant against CEO and mandate scams—common tactics employed by fraudsters targeting organizations.
UK Finance’s latest half-year fraud report reveals that losses due to these scams reached £33.5 million in the first half of 2024. Invoice and mandate scams accounted for £25.7 million, with 78% (£20 million) occurring on business accounts, while CEO scams resulted in £7.8 million in losses, averaging nearly £50,000 per instance—the highest of all scam types.
Fraudsters often spend months researching company structures and employees to impersonate senior staff or trusted suppliers, successfully tricking businesses into making unauthorized payments.
To help combat these threats during this busy time, UK Finance’s Take Five campaign offers the following five tips for businesses:
- Ensure staff closely review invoices and payment details at every stage of the process.
- Verify unexpected urgent payment requests by confirming directly with the sender.
- Question any changes in payment information—suppliers rarely change bank details.
- Implement strong payment processes and cybersecurity measures, educating employees accordingly.
- Be cautious about the business information shared online to minimize exposure to scammers.
Take Five also encourages everyone to Stop, Challenge, and Protect:
- STOP: Pause and think before sharing money or information.
- CHALLENGE: Question if it might be fake—it’s acceptable to reject or ignore pressure tactics; only criminals will attempt to rush you.
- PROTECT: If you suspect you’ve been scammed, contact your bank and Action Fraud immediately at actionfraud.police.uk or on 0330 123 2040.
Giles Mason, a spokesperson for Take Five, emphasized the importance of vigilance as the tax year end nears, noting that businesses frequently process higher-value payments, which can make it more difficult to spot fraudulent ones. Following the Take Five to Stop Fraud advice can help organizations Stay Alert, Challenge, and Protect themselves from potential fraud threats.