What to do if your business falls victim to financial fraud

10 Mar 2022

Published in: Member News

We understand sometimes businesses can fall into a perpetrators trap as their methods become more difficult to identify. Here are some steps to take if your business does fall victim to financial fraud.

This blog series so far has focused on how to prevent falling victim to financial fraud; however, we understand sometimes businesses can fall into a perpetrators trap as their methods become more difficult to identify.

Here are some steps to take if your business does fall victim to financial fraud.

1. Contact your bank

If you believe your business has fallen for a scam, contact your bank immediately on a number you know to be correct, such as the one listed on the back of your business’s bank card. Contact your bank if:

  • You don’t recognise transactions on bank statements
  • Your card or security details have been lost or stolen
  • You have unexpectedly reached your card limit
  • Your account has unexpectedly gone into overdraft

2. Cancel your cards or cheque book

3. Report to Action Fraud

Report any fraudulent activity to Action Fraud on 0300 123 2040, or via actionfraud.police.uk.

4. Contact your IT department

Report potentially fraudulent activity to your IT department. This will enable them to check whether your IT infrastructure/email has been compromised as a part of the fraudulent activity.

With fraudulent loans and Financial Fraud on the rise in the West Midlands, it is important to know how to spot a scam and prevent financial fraud. You will be safe in the knowledge, that when you take out a loan with BCRS, that we are registered, cybersecurity accredited and making every effort to protect our organisation and client base against fraud. By following this blog series, you too, will be lowering your risk of becoming financial fraud victims.

Keep an eye out for our final blog of the series which will let you know how to check if a financial institution is genuine.

In the meantime, follow BCRS Business Loans and Superfast IT on social media Twitter - @B_C_R_S             LinkedIn - @BCRS Business Loans

Twitter - @SuperfastIT        LinkedIn - @Superfast IT

Submitted by Matthew from BCRS Business Loans Limited
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