A total of £50.3 million was stolen through invoice and mandate scams last year.
Santander is urging businesses to be cautious when paying invoices and third-parties and is reminding people to “never feel rushed into making a payment”.
It says more than 40 Santander UK Corporate & Commercial Banking clients are known to have been targeted in 2024 so far, with a total value attempted of more than £1.3 million.
According to the latest UK Finance data, a total of £50.3 million was stolen from people in the UK through invoice and mandate scams last year. The data shows that 80% of all invoice and mandate scam cases reported in 2023 originated via an email.
Chris Ainsley, Head of Fraud Risk Management at Santander UK, said:
“Payment redirection scams, also known more simply as ‘redirection scams’, are being used by criminals to take millions from UK businesses each year.
“Even if it is from a third-party or supplier they know very well, businesses should take extra care in checking for legitimate contact details, and make sure to question any requests by contacting your existing service provider or supplier with a contact number you’ve used for them before to check whether it is genuine. Don’t use the contact details in the email or letter as this could lead to you making the checks with the fraudster themselves. If businesses think they have fallen victim to a redirection scam, they should contact their bank as soon as possible.”
Some examples of payment redirection scams include receiving new bank details purporting to be from your solicitor or estate agent to complete on a property acquisition; receiving a fake invoice from a supplier that needs paying before you receive the goods; or an email which appears to be from an employee asking to change their bank details for their next wages payment.
Santander suggests the following steps to businesses to stay safe from payment redirection scams:
- Before paying a new bill or changing existing details make sure you confirm the request directly with the company or colleague. Always call on a known and trusted number, one from their direct website or check in person if possible.
- Never respond to requests via the email address it came from or use any contact details in the letter or email.
- Set up a single point of contact for companies you pay regularly.
- Review your payment approval process and use dual authorisation for an extra layer of security.
- Review payments due at a future date where account details have been changed to confirm the request is genuine.
- Stop and take time to think about what you’re being asked to do. Never feel rushed into making a payment.
