News
A third of businesses targeted by invoice fraud
In the past 12 months, nearly a third (31%) of businesses in the UK have been the targets of invoice fraud.
By Catherine Heinen, FCCAInvoice fraud targets customers by posing as a supplier, issuing invoices and requesting payment urgently or revising payment details and tricking customers into making a payment.
New research by Ivalua also found that of those businesses targeted, only 39% managed to stop the transaction before the invoice was paid and the money had left their account.
Ensuring those individuals in businesses that deal with invoice payment are trained and remain alert is important in spotting and preventing invoice fraud.
Furthermore, having automated systems, such as those included with digital accounting, can help minimise the chance of being a victim. The research also showed that 64% of UK businesses said they do not have automated processes to match invoices to orders, contacts, and payment information.
For more information about protecting you and your business from tax scams, read our article here.
Date published 27 Jun 2024
Catherine Heinen, FCCA
Catherine is a Technical Content Writer at TaxAssist Accountants, and a qualified accountant. With experience working at two accountancy practices in the UK top 50 accountancy firms according to Accountancy Age, Catherine has significant experience in accounts, tax returns and advising clients. Catherine ensures businesses, business owners and individuals are kept up to date and informed by providing concise and informative technical material.
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