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05 Oct 2020

Whether you and your company are brand new or have some years under your belt, it is important to protect yourself and your company against fraud. In recent years, fraud has evolved with the help of the internet but has been an issue for businesses for many years. Every year, companies across the UK lose millions to fraud and scams, which can lead to bankruptcy and even criminal actions.

Of course, being the victim of fraud is not desirable for any business owner and so, it is important to be able to spot the signs of fraud from as early as possible to avoid losses and to put protections in place in case of future cases.

At ABV Solicitors, our fraud solicitors are well versed in the different types of business fraud and can provide you and your business with preventive tips and, if necessary, legal representation. We can offer you and your staff advice on staying aware of the most common scams and frauds that we have encountered, allowing you to stay one step ahead at all times. Perfect!

So, what are the 2 most common scams that our fraud solicitors are contacted about from business owners and what steps can you take to avoid them? Read on to find out.

Internet based

If you have an email address, you are probably familiar with spam emails asking you for your credit card number. When it comes to fraud which is aimed at businesses, fraudsters are not so transparent; many will contact your company stating that they are a previous customer or a supplier in order to gain access to your businesses account information.

If you receive an email asking for account information in relation to a purchase, either avoid the email altogether or ask for a contact number to get in touch with the person who sent the email. Do not open any links that are sent in the email, as this may inadvertently give away important account information. It is also recommended to protect any online accounts that your business has with a PIN code and other security measures, which can make unwanted access more difficult.

It is also advisable to contact the police if you have concerns that your company is being targeted by fraud alongside contacting our fraud solicitors at ABV Solicitors for legal advice.

Telephone based

More commonly committed on weekends and bank holidays, telephone-based fraud systems have the potential to hack into your phone system and run up long-distance charges; many modern-day phone-based frauds use the phone system to commit fraud and do not rely on an individual unwittingly providing them with security information.

To prevent this, ensure that your company’s phone system has safety procedures in place to prevent hacking and, if you are on the receiving end of a call asking for personal information, do not disclose anything. If you are unsure about the legitimacy of a caller, be sure to take down any phone number provided and always contact the police.