If you ever read about fraud in the news, it’s likely to be about a romance scam or cowboy tradesmen. These are common issues and while we wish they didn’t happen, they aren’t especially relevant to our customers – established businesses.
The way fraudsters interact with our customers is quite different to personal or consumer fraud attempts. Often, these methods don’t get as much airtime or publicity, which makes it even more important that we shine a light on them.
When a business is a victim of fraud, livelihoods are put at risk, suppliers and other debtors can go unpaid, and whole communities can suffer. We take it incredibly seriously and we want to help you feel well-equipped to do the same.
Why business fraud is so prevalent and dangerous
According to the Home Office’s Economic Crime Survey 2024, 27% of businesses with employees (i.e. not sole traders) experienced a fraud attempt in the prior 12 months. In the general population, only 6% of adults experienced fraud (in 2023). Neither number is good, but it’s clear that established businesses are more likely to be targeted.
This, we believe, is down to three key reasons.
1. Higher stakes
UK Finance’s 2026 Annual Fraud Report shows us that, on a per-case basis, losses from Authorised Push Payment (APP) fraud are ~4.8x greater for businesses than individuals.Personal losses are ~£2,082 per person (£500.8 million / 240,566 cases) vs. £10,075 per business (£75.6 million / 7,504 cases). These figures are the rough calculations based on the available data, not exact numbers.
Regardless, it’s clear that when fraudsters target businesses, they know they could get a bigger payday.
2. More vectors
Every cardholder or employee with access to online banking is another potential entry point for fraudsters.
There’s also a range of business-specific scams to contend with, like supplier fraud, CEO fraud, and fraudulent chargebacks. There are real vulnerabilities for businesses to be tricked by ‘trusted advisors’ – someone pretending to be from their bank, their accountant, or a supplier they have a long-standing relationship with.
The bigger a business is, the more opportunities there are for fraudsters to find a weak point. Unfortunately, there’s a ‘messy middle’ into which many established businesses fall – as we explain in the next point.
3. Greater complexity
The biggest corporate businesses have entire teams dedicated to security and anti-fraud. Established businesses have higher stakes and more vectors, but fewer resources to dedicate to protecting their company.
Everybody has to try their best with the training they can get, but it’s asking a lot in the face of increasingly sophisticated fraud attempts.
It requires a concerted effort – everybody on the same page, treating fraud as a constant and persistent threat, without letting it take over your world. Thankfully, you can create a more fraud-aware and fraud-safe business with a few quick wins.
How AI is changing the business fraud landscape
The use of AI in fraud might conjure up images of complex computer hacking scenes from Hollywood. The reality is a bit more mundane – AI is essentially an accelerant. Just as AI might be helping your business run more efficiently, it can be misused by fraudsters to run their operations more efficiently.
It’s now easier and faster than ever for them to spin up fraudulent websites and numbers. If a sham or cloned site gets taken down, they can get a new one live almost instantly. In the past, it might have taken a day or two. AI means there’s less respite for anti-fraud teams.
There are also some more cutting-edge issues emerging: AI is rapidly improving tools like voice cloners and digital avatars. A suspicious text from your boss is far easier to spot than a suspicious phone call that uses their (almost) exact voice.
While all of this is real and potentially scary, it also needs a bit of sense-checking. You shouldn’t expect a barrage of fraudulent calls and emails every day, but you should be increasingly mindful of how sophisticated AI is becoming. Nobody needs to panic, all that’s required is a stronger focus on basic fraud awareness.
Press the red button
Boiling down all our advice for preventing fraud, we land on one simple message:
Pause. Hang up. Whatever you need to do to take space, reset, and verify if what you’re dealing with is legitimate.
If you’re really talking to Allica on the phone, we’ll be happy to let you stop and call us back. A fraudster will do whatever they can to keep you on the phone. They want you to feel rushed, so you stop thinking clearly. That’s when scams succeed.
What to do if you suspect fraud
Call us straight away on 0330 094 3333 (9am–5pm, Monday to Friday).
If our lines are closed, you can send us a message for us to address as soon as we can.
Don’t engage with the suspicious activity in any way – press the red button, don’t speak to them and don’t get rushed into any action.
If you can, make a note of what’s gone on – the time, the phone number or email address used, and what they asked you to do. This will help us in our investigation.
You can also report the situation to Report Fraud, the UK’s national reporting centre for fraud and cybercrime.
Worried about fraud?
Check our fraud centre for more information, quizzes, and guidance to keep your business safe.
