With over 45 years’ in the industry, we are more aware than ever that fraud and scams are on the rise.

Recent statistics indicate that 40% of all recorded crime in the UK is now related to fraud, impacting both individuals and businesses.

As your lender, we want to help protect you against fraud and scams. Below is an update on the latest fraud trends that we wanted to share with you.

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Common tactics used by criminals

  1. Criminals often claim to be a representative from your bank or another company you have a relationship with – like MSP Capital.
  2. They often encourage you to make a payment there and then, adding high pressure tactics like threats of extra charges.
  3. Alternatively, the fraudsters aim to extract sensitive information like your passwords or answers to security questions for future fraudulent activities.
  4. The criminal may also pretend to be one of your suppliers, business contacts or colleagues in order to solicit private information or get access to your devices.
  5. Fake invoices can be used to trick you into making a new payment. Criminals may even intercept a genuine email exchange and amend the banking details for payments to an account that they control.
  6. Criminals have recently been submitting false instructions to change real estate business’ bank account details on HMRC, to enable them to receive the VAT payments instead of the business owners.
  7. Criminals may often create a fake website emulating well-respected brands in order to elicit trust and encourage visitors to part with personal information or money.

How to tackle financial crime

If something feels off about a call, email, or message, pause and don’t respond until you can confirm its legitimacy.

Ask for the caller’s number and verify it independently to ensure it’s genuine.

Watch out for slight changes or unusual domains that scammers use to mimic real companies. For example using .org instead of .com.

Pay attention to email signatures, fonts used and whether there are any unusual phrases or spelling errors. These could indicate a scam.

You may receive these from HMRC or other companies, so ensure they’re correct.

This is to make sure they have not been changed.

Visit the company’s website or call your regular contact on a known number to verify any payment requests you are unsure about.

If you have a team around you, identify who is most vulnerable to unsolicited approaches – including new starters and those in the finance team – and provide regular training and communication to raise the awareness.

Concerned? Get in touch

If you have any concerns with communications you receive from us, for example, a change in bank details, please don’t hesitate to get in touch.

You can fill in this form and someone will be in touch, or call our Offices on 01202 743400 to confirm details verbally with a verified MSP team employee. Alternatively, please email us at [email protected] if you have any queries.