Mandate & CEO Fraud

Mandate fraud occurs when criminals trick you into changing payment details (standing orders, direct debits etc), in order to divert payments intended for a legitimate organisation or person, to accounts controlled by the fraudster. This type of fraud usually involves criminals impersonating individuals from legitimate organisations you make payments to, for example a  representative from the company that provides your stationery, or a service you have a  subscription to or a email from the CEO or     company accountant. The more details fraudsters have about you or your business the easier it is to pose as a supplier or trusted member of staff. Mandate fraud can often go unnoticed for months, dur- ing which time you will lose huge amounts of money, as well as the trust of suppliers you work with.

Statistics

66%    The increase in mandate fraud reports to Action Fraud between 2014 and 2015.

£9bn   The loss incurred by small to medium sized (SMEs) businesses in Britain due to various forms of mandate fraud.

£1,658   The average amount lost by SMEs per year due to invoice related frauds.

SEE LINK TO NERSOU MANDATE FRAUD FLYER BELOW FOR MORE DETAILS:

https://www.northeastfraudforum.co.uk/wp-content/uploads/2016/07/Mandate-Fraud-Flyer-V2.pdf