We offer a range of high quality accounting, financial and business services in and around Milton Keynes.

Business warned about rise in impersonation fraud

30 Jun 2020

Businesses have been told to stay vigilant against the rise in impersonation fraud during the coronavirus pandemic, by trade credit insurer Atradius.

The insurer says the increase in impersonation fraud is result of opportunistic fraudsters seeking to take advantage of disruptions to normal business patterns during lockdown.

Impersonation fraud occurs when a fraudulent party presents themselves as if representing a reputable business. The impersonator approaches other businesses under the guise of looking for new suppliers.

Believing the enquiry is from a legitimate and recognisable customer, the supplier progresses with the order and unwittingly makes the delivery to a rogue trading address. Once the impersonator obtains the goods, they quickly disappear, leaving invoices unpaid and the supplier out of pocket.

Simon Rockett, Head of Risk Underwriting at Atradius UK, said: 'Impersonation fraud is a common occurrence in the business world but what's different just now is the significant increase we are seeing.

'Lockdown measures have changed normal operations for many businesses – including shutdowns, a sudden drop in demand and supply chain interruptions. As a result, businesses are actively seeking new customers for their goods and services and will increasingly do so as the country emerges from lockdown.

'The concern is that the eagerness to resume trading will mean businesses could become less cautious in their approach to due diligence and so more likely to get caught out – which is exactly what fraudsters are hoping for.'

Register

Why not register to receive our monthly newswire? This is packed full of essential business news and handy tax tips to help save you money.

Learn more

Tax Calendar

Our handy tax calendar provides an overview of the key tax dates for your diary.

Learn more

Calculators

B2B’s interactive tax calculators can be used to calculate VAT due, the taxable benefits on your company car and how much your savings are worth.

Learn more

Home | About us | Contact us | Logon | Register | Accessibility | Disclaimer | Help | Site map |

© 2020 B2B Business Advisors Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Chartered Tax Adviser

Registered in England, Company Registration number – 7906656. Registered Office – 58b High Street, Stony Stratford, Milton Keynes, MK11 1AQ. Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.