Keeping your business safe takes more than good IT security. It means knowing how to spot the psychological tricks criminals use. Fraudsters change their tactics all the time but you can often stop them in their tracks if you know how they operate. Here are the most common tactics to watch out for, the practical steps you can take to protect your funds, and what to do if the worst happens.
A One-Time Password (OTP) or PIN acts as the final lock between a fraudster and your money.
Funding Circle, your bank, or the police will NEVER ask you to share an OTP, PIN, or full password over the phone, via text, or by email.
Fraudsters may invent emergencies to trick you into reading these codes out loud to them or sending via text or email. If anyone asks you for a security code or password, it’s likely a scam. Hang up the phone straight away and never send it to them.
A fraudster impersonates a company director or senior manager using a fake email address or WhatsApp message. They’ll request an urgent, confidential payment to a new bank account or ask for high-value gift cards for a ‘client.’
Always verify urgent or unusual payment requests by speaking to the executive directly on a known, trusted phone number.
Fraudsters pose as one of your regular suppliers or an agency like HMRC. They send a fake invoice or an email asking to send future payments to a ‘new’ bank account.
Fraudsters pretend to be a legitimate company like Funding Circle or your bank and trick you into clicking a link to a fake website. They then steal your passwords or card numbers via email (phishing), phone calls (vishing), or text messages (smishing).
Scammers list fake or non-existent items, vehicles or machinery for sale on social media and spoofed websites. The adverts look authentic. Once you pay via bank transfer, the seller disappears.
You can reduce your risk by following these simple internal controls.
We proudly support the Take Five to Stop Fraud campaign. Before making any payment:
No single person in your business should hold the power to both change a supplier's bank details and approve the payment. We recommend your internal processes require at least two staff members to sign off on major financial updates
When setting up a new payment, your bank matches the account name against official records. Stop if you receive a CoP warning showing you that the names don’t match. Fraudsters often claim it’s a system glitch or an un-updated account name. Proceeding risks sending money straight to a scammer and may leave you liable for the loss.
If a scammer targets you, try to stay calm and take action immediately.
1.Stop communicating: Don’t reply to emails or speak to the suspect. Informing them gives them time to move funds away.
2.Secure your accounts: If the transaction involves your Funding Circle account, please call our Operations team immediately on 0203 308 9693. If it involves your main business bank, call your bank using the official number on the back of your bank card. Ask them to freeze the transaction.
3.Gather your evidence:This is required for APP Reimbursement claims. Keep your emails, invoices, text messages, and transaction records. You’ll need these to help us investigate and show you took proper care when submitting a claim.
4. Report to Report Fraud: Run by the City of London Police, it serves as the central platform for reporting cyber crime and fraud in England, Wales, and Northern Ireland.
You can reach the new service in two ways:
Online: Visit the Report Fraud Portal
Phone: Call 0300 123 2040
If you suspect fraudulent activity on your account, please call our Operations team on 0203 308 9693 as soon as possible.
16,971 reviews
