Companies are warned to be on their guard from growing invoice scam threat

INVOICE scams are a significant and growing threat for business owners, with a UK Finance reporting that invoice fraud rose by 13 per cent in 2020.

At a time when protecting your cash flow more important than ever, the Federation of Small Businesses’ experts from FSB Business Banking share top tips for how you can avoid falling victim. Invoice fraud can leave legitimate invoices from suppliers unpaid and businesses out of pocket, but don’t worry – here’s how you can defend against fake invoices.

n Compare the invoice with ones you know are genuine.

n Check any requests to change payment details with your supplier before making payments.

n Beware of any requests for urgent payments, especially if you weren’t expecting an invoice from your supplier.

n Email attachments that appear to be invoices shouldn’t be downloaded from unknown senders.

n Be mindful of information on your company website or social media.

FSB Business Banking is keeping banking simple with a free business current account by The Co-operative Bank for FSB members. Spend less of your budget on banking and more time on your business.

FSB Business Banking is just one of the many valuable benefits of FSB membership. With 24/7 legal support, financial expertise, vital business services, local support, and networking events, discover why thousands of small businesses and the selfemployed join us every month.

To find out more or to join FSB, contact local membership advisor, Emma Weatherstone on 07764432489 or via emma. weatherstone@fsb.org.uk