SMEs Should Do More To Fight Swindlers

24th January 2018.

A lot of SMEs appear to be very relaxed about the risks of fraud and the impact on their business. Most are simply unaware of the risks and how to target them, and some just don’t want to know. The Credit Protection Association understands the “it won’t happen to us” sentiment. Many of our members felt the same about debt before they experienced it themselves. Unfortunately, you have to prepare for everything when you’re a business owner, whether it’s debt or the thought of getting swindled.

According to a recent survey by Vocalink, over half of UK SMEs believe the consequences of fraud would be minimal and they would only lose a small amount.

A further 33 percent had not even heard of the various types of payment cons, such as invoice redirection, mandate and email fraud.

SMEs lost an estimated £18.9billion in 2013 according to fraud reporting centre, Action Fraud, but awareness has barely increased since.

Firms that are stung by fraudsters tend to learn fast, with 71 percent citing it as a continuing threat this year.

Whether you’re a big business, a small business, or a somewhere in the middle business, you all look attractive to a fraudster. They will take pleasure in seeing all the hard work that you’ve put into your business, and watch it disappear. They will take your money and your brand, and may take away a bit of your confidence too. It is therefore essential that you make the right preparations and seek to avoid these artful dodgers at all cost. Here at the Credit Protection Association, we offer a range of products that prevent our members from getting involved in shady businesses. We have a thorough credit report process that will strip your customer down to its bare financials. It is important you always know who you are doing business with and have complete transparency. Contact CPA for more information!