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'Invoice Scam' Warning As Con Accounts For More Than Half Money Lost To Fraud By Small Businesses

Businesses are being urged to stay vigilant when paying bills or changing suppliers as new data from Barclays reveals the amount lost to invoice scams is increasing.

Invoice scams — when fraudsters send bogus invoices often purporting to be from a familiar supplier — accounted for 55 per cent of all money lost to swindlers in the past three months, with an average loss of £2,100.

The figure represents a six per cent increase in money earned by scammers from invoice scams year-on-year.

This is despite the volume of scams going down, indicating that scammers are succeeding in fewer, higher value thefts.

A poll of UK businesses shows 85 per cent worry about the effect of price hikes on their business, which could leave them open to scams as they search for the best deals.

Barclays is warning business owners to be on their guard, as fraudsters can impersonate suppliers and request updated bank details or information. 

While invoice scams have been the most profitable in the last three months, purchase scams, where businesses buy items that do not arrive, were the most common type.

This was followed by impersonation scams, where fraudsters pretend to be from trusted organisations.

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