How one SME was scammed out of £71k in a single phone call

Sophie Hossack, head of partnerships at Allica Bank, examines the experiences of an SME client ripped off by a fraudster, and provides tips and advice on how to identify scams and counter the growing fraud risk

Fraud can be emotionally and financially crushing. More than one in four (27%) of businesses had experienced fraud in the previous 12 months, according to the latest Home Office and IPSOS Economic Crime Survey. This is a consistent and pressing issue. Corporates have entire teams of people dedicated to fighting fraud and cybercrime. Established medium and smaller businesses, with five to 250 employees, might not have anyone.

Helping just one established business avoid falling victim to fraud is a priority and accountants are at the front line when it comes to scammers.

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