Question: Why is £9,900 a magic number for email fraudsters? 
Answer: Because they know that anything over £10k will be flagged by banks and increased checks on the transaction will take place. 

Our top tip of the month is for all directors and team members who deal with accounts/billing to sit down and review your current payment authorisation policies to ensure you all agree what needs to happen in the event you receive invoices from new suppliers, or requests for information or to change current details held on file for existing accounts.  

To protect yourselves against colleague identity-based fraud, switching to a system that requires face-to-face verification (preferred) or a phone call with your colleague to verify any requests that come in electronically is likely to reduce the likelihood of fraudsters tricking your team. 

To protect against 3rd parties impersonating clients or suppliers you trade with regularly, start by ensuring any change requests have to be submitted in writing, and then make sure you contact the client or supplier via a different method using details you already hold, not addresses or phone numbers that are written on the change request! 

If you have any questions about these tips or want us to investigate anything suspicious, please email [email protected] and we’ll be happy to look into it for you. 

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