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Fraud Guidance

With over 40% of all businesses in the UK experiencing fraud last year, Lloyds Bank has published a new guide on the issue and is urging Manufacturers to be especially careful.

Dave Atkinson, Lloyds Bank’s Head of Manufacturing, says the growing problem of fraud needs more support in helping Manufacturers tackle the issue.

“We hope this new guide will now go some way to raising awareness of the issue and how to prevent it,”

“All banks and types of business can be affected, but manufacturers can be particularly susceptible with big volumes of suppliers & complex supply chains both in the UK & overseas. We’ve seen some worrying evidence that fraudsters are starting to target the sector.

Dave says there are several types of deception – card and chequebook fraud, account takeover, and false applications. And while bank cards are very susceptible, it’s internet scams that are on the rise.

“The latest term is ‘vishing’, where banking details, passwords and personal security data are obtained via a fraudulent phone call,” explains Dave.

“Someone will call claiming to be from your bank. They ask you to call them back on an official number, but intercept your return call by holding the line open – then ask you to transfer funds to a ‘safe account’.

“The reality is that banks will never ask you to disclose your online passwords and access codes over the phone or ask you to move funds to a ‘safe’ account – so be very wary.”

More handy tips and case studies are available from the booklet ‘Fraud Guidance’, published by Lloyds Bank to help Manufacturers keep their bank accounts and money safe. A pdf copy can be downloaded below.

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