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Invoice fraud costing UK businesses £93m

Friday 12th April, 2019

A recent survey conducted by UK Finance revealed that more than four in 10 UK businesses are unaware of the potential risks associated with invoice fraud.

Last year these scams cost UK firms almost £93 million, with 3,280 invoice and bank scam cases reported – costing on average £28,000 per case.

Fortunately, in 2018, £29.6 million of the money lost to this type of fraud was returned to business customers.

Even though large firms were more likely to have taken the necessary precautions to protect themselves against these scams, they were also more likely to be the target of invoice fraud.

Managing Director of Economic Crime at UK Finance, Katy Worobec, said: “Invoice fraud could happen to businesses of all sizes. The gangs behind this type of fraud are increasingly sophisticated and will often get hold of details that allow them to pose convincingly as regular suppliers.”