Half a million SMEs hit by scams

With one in twelve (eight per cent) of respondents having fallen victim to impersonation fraud, it is likely that nearly half a million (454,960³) SME businesses in the UK have been impacted by these scams.

According to data from Lloyds Bank there has been a 58 per cent rise in this type of crime in the year to date⁴, however as this is only reported fraud, the true scale of the problem is likely to be much larger.

To raise awareness and educate workers on how to stop scammers, the bank has teamed up with Get Safe Online, the UK’s leading source of online safety information.

This comes as only 20 per cent of victims say they now think twice when receiving a request at work – and the research reveals that a lack of precautions around online safety could be assisting impersonation fraudsters. Over a third (37 per cent) of employees don’t know what to look out for or don’t have any security precautions in place – leaving them vulnerable.

Gareth Oakley, Managing Director of Business Banking at Lloyds Bank comments: “The rise of impersonation fraud is a very concerning issue for small and medium-sized businesses. We know that falling victim to these types of scams can be serious as the impact extends beyond just the financial implications. This is why we’ve teamed up with Get Safe Online – to help educate business owners and employees on how to recognise these scams and take the right precautions to protect themselves.”