Business invoice – B Through Z http://bthroughz.com/ Tue, 05 Oct 2021 00:26:11 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://bthroughz.com/wp-content/uploads/2021/08/icon-23-150x150.png Business invoice – B Through Z http://bthroughz.com/ 32 32 Where to find large business billing locations at Genshin Impact https://bthroughz.com/where-to-find-large-business-billing-locations-at-genshin-impact/ Fri, 23 Oct 2020 07:00:00 +0000 https://bthroughz.com/where-to-find-large-business-billing-locations-at-genshin-impact/ Genshin Impact’s Big Business Side Quest sends the player locating invoices across the country. This guide will show you where to find them all. The Big Business Quest allows the player to search for invoices in Genshin Impact. This guide will help players locate them all. Genshin Impact remains one of the biggest games in […]]]>

Genshin Impact’s Big Business Side Quest sends the player locating invoices across the country. This guide will show you where to find them all.

The Big Business Quest allows the player to search for invoices in Genshin Impact. This guide will help players locate them all. Genshin Impact remains one of the biggest games in the world right now. Released as a surprise earlier in September 2020, the game grossed over $ 100 million in the first two weeks after release. Players invest money in the game for the chance to shoot one of the 5 star characters or weapons in the game. However, there is so much more to do in the game, such as exploring a large open world, defeating enemies and collect treasures. One of the game’s side quests has players researching invoices for large corporations. This guide will show where players can find all of the invoices.


Related: Who Is Genshin Impact’s Best Free Character (& Why)

Genshin Impact begins with the player’s custom character. Throughout the story, players will unlock more characters, each with their own elemental ability. These elemental abilities can be used for combat and to solve puzzles scattered around the map. Players will want to invest in each of their heroes to have a diverse team of abilities for any challenge. Additionally, players will spend their time increasing their Adventure Rank, the main leveling system in the game. One of the best ways to increase the Adventure Level is by completing side quests. Here’s how players can complete the Big Business quest in Genshin Impact.

Invoice locations in The Big Business Quest of Genshin Impact

Genshin Impact Controversy Chinese Censorship

To begin with, the player can begin this quest by going to the top of the Wangshu Inn to talk to Landa. This will require the player to complete 3 invoices in the country. Here’s where players can find them.

  • Invoice n ° 1: This one can be located at the statue of the Seven Dihua Marsh. There will be a golden sparkle next to a hut.
  • Invoice n ° 2: From the first bill, head west to find a cave on the island. The second bill is hidden inside.
  • Invoice # 3: This one requires a little more effort than the other two. There will be a house northeast of the Seven Statues. Opposite will be a woman named Bao’er who needs 3 Noctilucous Jades to complete the task. Players can find them south of the Wangshu Inn, then head east towards the Hidden Palace. After collecting 3, return to Bao’er.

After that, return to the Wangshu Inn and talk to Landa to complete the quest. Players will need to complete these quests to continue increasing their Adventure Rank. It is necessary to reach a certain level to unlock online multiplayer, one of the funniest aspects of the game. This free title has become one of the best titles to be released in 2020.

More: Genshin Impact: Every Band Member You Can Get For Free

Genshin Impact is available now for PlayStation 4, PC and mobile.

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Small Business Bill Financing: Your Ultimate Guide https://bthroughz.com/small-business-bill-financing-your-ultimate-guide/ Wed, 23 Sep 2020 07:00:00 +0000 https://bthroughz.com/small-business-bill-financing-your-ultimate-guide/ By Katherine O’Chee Wednesday 23 September 2020 fact-checking process and our editorial guidelines. “> Fact verified Disclosure of advertiser As 2020 continues to be a financially tough year for small businesses, finding ways to improve cash flow has become simply essential. While business loans are a popular option, there may be a better solution for […]]]>

As 2020 continues to be a financially tough year for small businesses, finding ways to improve cash flow has become simply essential.

While business loans are a popular option, there may be a better solution for you if your struggle is with slow paying debtors: invoice financing.

What is invoice financing?

Bill financing is basically a line of credit that turns your unpaid bills (or accounts receivable) into financing. So instead of waiting weeks for your customers’ payments to go through, you can have access to that money ASAP.

Please note that only commercial invoices are accepted. This means that while invoice financing would not be suitable for SMEs that deal with consumers (such as retailers), it could be suitable for suppliers, wholesalers and other businesses that have business customers.

How it works?

With invoice financing, you receive part of the invoice (usually up to 85%) as soon as you have delivered your goods or services to the customer. Then, after the customer has paid for the entire product or service, the rest of the funds will be released – less any fees and charges.

As with any line of credit, this option comes with a direct debit facility, which you can tap into whenever you need to.

Patricia Kruse, senior director of business development at Scottish Pacific, says invoice financing facilities can help both the company and its customers stay afloat in today’s climate.

“The facility can help increase the company’s cash flow if some of their customers extend repayment terms during COVID. The business owner can help his own client solve their own cash flow problems by agreeing to the extended terms, ”she says.

Advantages and disadvantages of invoice financing

So is invoice financing the right option for you, or do you prefer another type of business loan? Here are some of its pros and cons to help you decide:

Advantages and disadvantages of financing invoices

What is good:

  • Quick financing: Unlike traditional business loans which can involve heaps of paperwork and debt that you would carry over into the longer term, bill financing is a short-term cash flow solution. It’s a faster way for businesses to access additional financing (in as little as 24-48 hours), which they then typically pay off in 30-90 days with money already owed to them.
  • Low risk: Since this financing option is secured against your bills, you won’t have to worry about losing a valuable asset like your family home in the event of default.
  • No repayment stress: Since your debt is settled once your bill is paid, there is no pressure to make regular repayments, giving you a little more leeway.
  • Flexible installation: Instead of receiving a one-time lump sum, your invoice finance facility grows with your business. As your sales and income increase, so does the level of funding you can access. Kruse says that for this reason, “invoice financing facilities will become increasingly important as the business moves from survival mode to growth.”

To watch:

  • Lack of confidentiality: Your accounts receivable are transferred to your commercial lender who will then generally contact your accounts receivable about the new arrangement. While this may save you time (since you no longer have to collect payments yourself), it does mean that your bill financing facility may be disclosed to your debtors. However, if you are concerned that it will affect your relationship with clients, some lenders like Scottish Pacific also offer undisclosed facilities to address those concerns.
  • Higher costs: Bill financing can be a more expensive option than traditional bank loans, with a fee (either a flat fee or a percentage based fee) charged on top of each bill. That’s why, “it’s important to look for the best deal,” as Kruse puts it. But the caveat here is that different lenders may have different fee structures, which can make it difficult to compare prices.
  • Seasonal impacts: If you’re a seasonal business that sources supplies during off-peak times, invoice financing may not offer much benefit. Kruse explains that “unpaid bills are likely to decrease during any seasonal contraction, which means the amount that can be financed will also decrease.” However, you can get around this problem by considering another type of financing, such as a business facility or a short-term business loan.

Is my business eligible?

Generally speaking, invoice financing is not difficult to obtain, provided you can tick a few boxes. Unlike traditional business loans, your credit score, loan history, and collateral do not play a major role in determining your eligibility.

“Businesses of all sizes and levels can easily be approved. The most important condition for approval is the creditworthiness of your customers, ”explains Kruse.

Indeed, the reimbursement depends entirely on the respect of the payment deadlines by your customer.

To be eligible for invoice financing, Kruse says you also need to make sure:

  • You are a business selling to other businesses (i.e. B2B)
  • You sell products or services to other businesses on credit
  • Your invoices are issued for the performance of a service or the delivery of goods

What happens if my customer does not pay their invoice?

It really depends on your agreement with your lender. In some cases, the responsibility for handling bad debts and paying those bills may still lie with you. But there are also providers who will cover the costs for you or allow you to swap the invoice with one of equal value. Others may let you choose whether or not you want to take responsibility for a potential defect.

Just keep in mind that if you want to be protected in the event of default, the fees will naturally be higher because there is more risk to the lender.

Your invoice financing options

Ready to apply? Check out some notable options below:

Financing of the Waddle invoice
  • Funding from $ 10,000 to $ 4 million
  • Same day approval
  • Funding within 48 hours of approval

Waddle offers invoice financing that integrates with your accounting platform, giving you a real-time credit limit based on the value of your unpaid invoices. It allows you to access up to 80% of the money owed to you in unpaid invoices, with up to $ 4 million in funding available to qualifying businesses.

To be eligible, your business must be incorporated, have been in business for more than 6 months, issue invoices to other Australian companies only when work is complete, and currently have at least $ 10,000 in unpaid invoices. The prices are personalized according to the profile of your company, your sector of activity and the size of your establishment. Upfront fees and transaction fees will also apply.

Scottish Pacific invoice financing
  • Funding from $ 10,000 to $ 150 million
  • No ongoing charges
  • Same day approval

Scottish Pacific takes catering to businesses large and small seriously, which is why with its bill-based financing, its facilities can range from $ 10,000 to $ 150 million. While there are upfront costs to be expected, you won’t have to worry about ongoing charges. The application process is also super fast – just 10 minutes out of your busy workday, and you could be approved the same day and receive up to 95% of your approved value (minus fees) a day later. You have the choice to apply online or by phone.

Funding byte bills
  • Funding of $ 100,000 to $ 10 million
  • Fast approval in 24 hours
  • 85% of your prepaid bills

Octet’s bill financing scores high in flexibility, with facilities that can hold funding between $ 100,000 and $ 10 million, depending on your business needs and your financial situation. Octet says companies only need two minutes to apply online and wait 24 hours for a response. Once approved, 85% of your bills will be paid to you within 24-48 hours – an almost instant cash flow increase.

To qualify for Byte invoice financing, your business should ideally have traded for 1 to 2 years and earn at least $ 1 million per year. There are also administration fees and ongoing service fees which are calculated as a percentage of invoices processed.

Timelio invoice financing
  • Funding from $ 10,000 to $ 100 million
  • Accepts international invoices
  • 10 minute applications

Timelio understands that one size doesn’t fit all. Thus, with its invoice financing, it offers personalized rates as well as facilities ranging from $ 10,000 to $ 100 million to meet different sizes and business objectives. But that’s not all: if you export, Timelio can finance up to 90% of your bills abroad.

With Timelio, there is no minimum turnover requirement; you will just need to have a minimum invoice size of $ 10,000 with clients who are large corporations, government agencies, or who are insured. Online applications should only take 10 minutes and approval can take place in 24 hours. Keep in mind that there are transaction fees for each funded invoice, as well as remittance fees paid to Timelio investors which are calculated daily.

For more business financing options, visit our business loan comparison chart.

Mozo provides general product information. We do not consider your personal goals, your financial situation or your needs and we do not recommend any particular product to you. You should make your own decision after reading the PDS or offering literature, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we do not cover all products on the market. If you decide to request a product through our website, you will be dealing directly with the supplier of that product and not with Mozo.


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This Dutch invoicing startup automates the management of commercial invoices with AI and secures 4.5 million euros https://bthroughz.com/this-dutch-invoicing-startup-automates-the-management-of-commercial-invoices-with-ai-and-secures-4-5-million-euros/ Tue, 21 Jul 2020 07:00:00 +0000 https://bthroughz.com/this-dutch-invoicing-startup-automates-the-management-of-commercial-invoices-with-ai-and-secures-4-5-million-euros/ Do you find it tedious to manage your company’s invoice processing? Well, invoice processing takes time so many solutions that claim to help you could be ineffective and unreliable. This is where a Dutch startup comes in with a smarter system that challenges existing routines, cutting the shit out and taking the experience to the […]]]>

Do you find it tedious to manage your company’s invoice processing? Well, invoice processing takes time so many solutions that claim to help you could be ineffective and unreliable. This is where a Dutch startup comes in with a smarter system that challenges existing routines, cutting the shit out and taking the experience to the next level.

Fast growing Rotterdam-based accounts payable software company Cevinio (formerly InvoiceBlox, TBlox, and InvoiceSharing) are known to offer smart algorithms to remove redundant steps involved in the invoice processing process.

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His system is changing the way businesses experience invoice processing and see improved productivity and minimized compliance risk. Cevinio deploys advanced artificial intelligence technologies and its end-to-end integration requires only one app for the process.

Renamed Cevinio

Now, in an effort to examine its brand and purpose, InvoiceSharing founded by Jeroen Volk and Vincent Prooij in 2013 is renaming itself Cevinio. This new name will intelligently reflect the company’s algorithm.

Jeroen Volk, CEO of Cevinio, said: “The market knows us as InvoiceBlox, InvoiceSharing and TBlox. Recently, we took a deep dive into our brand and our focus. What do we stand for and what is our main mission? We concluded that everything we do is about helping businesses perform better by delivering smart solutions, breaking routines, and removing process redundancies. Our new focus needs a new corporate identity that reflects who we are. We figured these changes wouldn’t be complete without a new name: Cevinio. It’s a clever anagram of the word “invoice”; a play on words that in a way reflects our algorithm. As of today, we have a clear and recognizable presence and company name. “

Secures an investment of € 4.5 million

Dutch startup Cevinio has also just announced that it has secured a 4.5 million euro investment from Endeit Capital and CNBB Venture Partners. The company will channel its investment for internal growth and accelerate the development of its intelligent invoice management algorithms. Currently, Cevinio processes invoices from over 90 countries.

Jelle-Jan Bruinsma, Partner at Endeit Capital said: “We are very happy to help the Cevinio team achieve their international ambitions. The Accounts Payable Process Automation market opportunity is huge and currently served by generally fragmented software solutions. Cevinio has proven to deliver an end-to-end enterprise solution with a superior return on investment for high-demanding customers.

Automate invoice processing

Cevinio automates work processes and encourages companies to continuously improve their invoicing systems. Its fast invoice processing process means prompt payments to suppliers. Its intelligent algorithms facilitate contactless automation of linking invoices to purchase orders, performing invoice compliance checks, and posting invoices to the general ledger.

These procedures minimize invoice processing time by two to five times, while improving auditability and compliance. In addition to these, Cevinio offers advantages such as short implementation time and compatibility with existing systems including Oracle and SAP.

In today’s technologically advanced world, it’s important to have such fast, smart, and hands-free solutions for processing invoices. We can expect more such solutions to address the issues with billing solutions.

Main image photo credits: Cevinio

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Commercial invoice scams are on the rise – here’s how to stay safe https://bthroughz.com/commercial-invoice-scams-are-on-the-rise-heres-how-to-stay-safe/ Fri, 15 Mar 2019 07:00:00 +0000 https://bthroughz.com/commercial-invoice-scams-are-on-the-rise-heres-how-to-stay-safe/ Fraudsters are increasingly targeting companies with fake invoices in order to defraud them with cash, the data suggests. One in seven SMEs in Britain have been the victim of an invoice scam in the past 12 months, according to Barclays. With companies likely to have many employees working in accounts with healthy bank balances, they […]]]>

Fraudsters are increasingly targeting companies with fake invoices in order to defraud them with cash, the data suggests.

One in seven SMEs in Britain have been the victim of an invoice scam in the past 12 months, according to Barclays.

With companies likely to have many employees working in accounts with healthy bank balances, they are in the sights of scammers.

Essentially, invoice scams try to trick businesses into paying what looks like a legitimate bill sent to them.

Invoice scam Only a quarter of employees processing an invoice recheck with a colleague before making a payment

More than a quarter – 28% – of reported bill scams have resulted in losses of more than £ 5,000, according to the Main Street Bank.

Criminals tend to get their hands on genuine details of business invoices, including payment details, and pose as legitimate business vendors to take payment from a business owner or his employees who fail to do so. do not know.

These staff members think they are paying a genuine bill and then willingly transfer the company’s money directly to the criminals.

Ian Rand, Managing Director of Barclays Merchant Bank, said: “Fraudsters are getting more sophisticated with the methods they use to target hard-working UK SMEs and unfortunately we know fraud identity theft and bill scams are on the rise. “

The bank’s figures also reveal that hot spots for scams include the West Midlands, South West, East and London.

Statistics show that many scams could be easily preventable – only a quarter of employees dealing with an invoice double-checked with a coworker before making a payment.

Meanwhile, a similar number said they were scammed because they trusted the email address it was sent from.

The bank pointed out that the impact of such scams on businesses and individuals is considerable, with nearly one in five SME executives admitting to having had to cover the full cost of a scam.

Ian Rand says scammers have gotten more sophisticated with bill scams and many are tricked into paying them

Ian Rand says scammers have gotten more sophisticated with bill scams and many are tricked into paying them

Despite this, due to lack of time, only 19% say they organize invoicing training for all staff to help them spot a fake invoice.

Often, victims of scams find it difficult to get the money back or get their banks to reverse the transaction, as transfers are often done instantly.

Banks have been reluctant to grant refunds because they claim that those who transferred the money to a fraudulent account acted negligently.

But bank fraud victims who lose money to payment scams may soon be able to get their money back if their bank subscribes to a new code this year, which was released by the Authorized Push Payment steering group. Scams.

This new rule could also allow business owners to get their money back.

When asked if there are ways for SMEs to get their money back from the bank, a Barclays spokesperson replied: “We take each specific case of fraud or scam very seriously and will continue. examine customer issues on a case-by-case basis.

“We’re invested in helping people equip themselves with the knowledge and tools to prevent scams from happening in the first place, which is why we are issuing warnings like this.

“We don’t have a higher priority than protecting our client’s funds and have invested heavily in fraud and scam prevention initiatives.

“In addition to our prevention work, we also help provide the public with information and tools to detect and stop fraud and scams, including major TV commercials. “

The spokesperson added that once the scam is carried out, it is essential that it is reported to the bank as soon as possible, either by contacting the fraud department or by visiting a local branch.

“When a customer is tricked into paying their money to a criminal, the bank has no way of intervening in advance, so we urge people to check payment details very carefully and call the company beforehand. big payouts if they doubt. ‘

Rand adds, “We want to give businesses as much information as possible about common scams so they can avoid falling prey to scammers.

“Our network of more than 1,500 relationship managers offers SME counseling clinics across the country – arming them with valuable information on all aspects of business resilience, including digital security. ”

Six Tips to Help Businesses Avoid Bill Scams

To help businesses stay vigilant, Ian Rand warned of the dangers of invoice scams, giving SMEs the best advice on how to stay safe:

1. New invoices should always be checked

Call the company on a trusted number on your company files and not on the invoice or email to verify account details are correct

Don’t assume that an email, call, or text is genuine, especially if something doesn’t look right or the payment details are different.

Be on your guard – only 24 percent of SMBs surveyed said they would call the vendor or partner they are dealing with to verify the request is legitimate.

2. Train staff to detect false invoices

One in ten small business workers said they couldn’t spot a fake invoice. Learn more about how to recognize and protect yourself against scams on the Barclays Fraud Advice website.

3. Check the new bank details on the invoices

Barclays recommends having a clear procedure for making payments in your business and getting a second opinion.

One-third (33%) of CEOs, founders or CEOs do not check invoices before they are approved. If you are ever unsure of what bill you are dealing with, it is always best to have a second set of eyes.

4. If you feel pressured or anxious, take your time and always ask for help.

When asked how being the victim of a bill scam impacted the business, unfortunately 15% said it had a significant impact on their mental health and 13% said that the experience had such a serious impact that the responsible employee left the company.

A legitimate business won’t hesitate to wait, especially if it avoids putting employees in an awkward position.

5. Get help from your bank

Speak to your Barclays sales team or relationship manager to learn how to recognize and protect yourself against common scams.

6. Act quickly

SMBs should contact Barclays immediately through their sales team or the direct call feature of their mobile banking app if they believe they have been scammed.

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Invoice maker by PayPal, Inc. https://bthroughz.com/invoice-maker-by-paypal-inc/ Wed, 27 Feb 2019 23:17:12 +0000 https://bthroughz.com/invoice-maker-by-paypal-inc/ The PayPal Business App is the best app available for sending invoices, tracking sales, and managing your money for merchants with businesses of all sizes. This app plays the role of business owner for you while you are busy working on your business rather than in it.It’s more than just an invoice creation app. With […]]]>

The PayPal Business App is the best app available for sending invoices, tracking sales, and managing your money for merchants with businesses of all sizes. This app plays the role of business owner for you while you are busy working on your business rather than in it.
It’s more than just an invoice creation app. With the PayPal Business app for iPhone, you can:

• Create and send invoices quickly with an easy-to-use invoice generator
• Manage your money and sales
• Track account activity online
•To transfer money
• See monthly, quarterly and annual sales trends at a glance
• Quickly access your customer information

SEND INVOICES AND GET PAID
Create, send and manage your business invoices quickly from the PayPal Business app. PayPal’s invoice generator also makes it easy for small business owners and merchants to send payment reminders to customers directly from a mobile device to save you time on tracking payments. Get paid in less time and with less headache.

MANAGE SALES AND ACCOUNT ACTIVITY
View your daily sales and see your business’s monthly, quarterly and annual sales at a glance. No need to guess the performance of your sales! Make smarter money management decisions with up-to-date sales trend information exclusively for your business.

TO TRANSFER MONEY
Transfer money to your linked bank account, make refunds and send money with just a few clicks. Save time and frustration skipping bank lines with this mobile money manager app. Small business owners and traders love this flexibility and feel like they have a CFO in their pocket.

ACCESS CUSTOMER INFORMATION
View customer transactions including processing and billing histories with the PayPal Business app. You can also verify contact information and get in touch with your customers right from your mobile device. It’s also easy to import your contacts!

The PayPal Business app gives small business owners and merchants a quick and easy way to create and send invoices, get paid, and manage your money right from your phone. Finally, a small business app that adapts to your lifestyle!

Need to accept credit / debit cards on a mobile device? Try the PayPal Here mobile app! Just another example of how PayPal cares about your business.


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FFA UK warns of upsurge in commercial invoices and phone fraud https://bthroughz.com/ffa-uk-warns-of-upsurge-in-commercial-invoices-and-phone-fraud/ Tue, 21 Oct 2014 07:00:00 +0000 https://bthroughz.com/ffa-uk-warns-of-upsurge-in-commercial-invoices-and-phone-fraud/ Small businesses are being warned that they are a major target for criminals trying to defraud them of hundreds of thousands of pounds. The Financial Fraud Action UK (FFA UK) intelligence office has reported an upsurge of two scams in particular – bill fraud, where criminals send bogus payment requests – and telephone fraud, where […]]]>

Small businesses are being warned that they are a major target for criminals trying to defraud them of hundreds of thousands of pounds.

The Financial Fraud Action UK (FFA UK) intelligence office has reported an upsurge of two scams in particular – bill fraud, where criminals send bogus payment requests – and telephone fraud, where businesses are called upon and tricked into revealing important payment details. Since fraud is not always detected immediately, stolen funds are often transferred quickly outside the UK, making it almost impossible to get the money back.

Police and bank reports suggest the following sectors have been hit the hardest:

  • Agriculture
  • Construction
  • Manufacturing
  • Legal
  • Accounting
  • Retail
  • Pharmaceutical industry
  • Energy sector
  • Editing
  • Outside of business, public sector organizations are also a target for fraudsters

To fight against this, FFA UK is launching today a major awareness campaign to make companies aware of the dangers and advise them to avoid being victims of these frauds. A simple guide and posters [attached] explaining how to avoid these scams, are distributed to companies in the most risky industries and placed in public work environments such as staff rooms. These are available on the FFA UK website. Educational kits are also available to help staff detect and prevent fraud.

Scams and how to avoid them are explained in the literature.

Bill fraud

  • How the scam works – Criminals seek out companies’ existing suppliers with publicly available information, then contact the company by phone or written correspondence claiming to be their supplier and requesting that payment details be updated. As businesses are regularly asked to change or update payment information, the request seems perfectly reasonable, but when the money is processed, it is sent to an account held by the fraudster.

How to prevent it – You should be immediately alerted if you receive an unexpected call asking you to update payment information. The criminals will have done their homework on you – so don’t assume, because they know a little more about you and your business, that they are genuine. If you don’t know who you’re talking to, call the company on a number you know and ask to be connected with the person you’ve spoken to before. If you are unsure of the validity of an invoice, call a contact you know at your supplier to verify its authenticity.

Telephone fraud

  • How the scam works – Criminals research companies, then call them armed with information that makes their approach more credible. They will then trick the business owner or employee into revealing key financial information or convincing them to transfer money to another account under a false pretext, for example to help prevent fraud identified on their account. banking. The criminal can claim to belong to a bank or to law enforcement agencies. The trick is often successful because the criminals ask their victim to hang up and call back a trusted number, while the criminal simply keeps the line open. Then, without knowing it, the victim finds himself talking to an accomplice of the criminal on the same line.
  • How to prevent it – You should immediately be wary if you receive a cold call and are asked many questions regarding your business financial information. There is no legitimate reason for the police or your bank to ask you for your four-digit PIN, or to ask you to transfer or withdraw money, or to give your card to a courier for them. get it back. If you are asked to do any of these things, someone is trying to rip you off. If in doubt, call the organization back on a trusted number but do so on another phone or leave it for five minutes. This is important because criminals can keep the line open for two minutes after you hang up the phone, which means you could end up inadvertently speaking with the criminal or his accomplice again.

Real-life examples of how companies have been scammed

  • A north London property company has lost £ 99,500 after a manager was tricked into revealing key information to a fraudster over the phone. He was told that a payment he made the previous week for employee salaries had not been processed and that some verifications were now required. Not wanting to delay the payment any further, the manager gave his financial details over the phone, including the security code for his online banking authentication device. The fraudster was then able to log into the company’s online banking page and wire money out of the account.
  • Farmers in Selby, Yorkshire, have been duped after a criminal gang claiming to be in a bank’s fraud detection department claimed fraudsters were trying to cash checks in their name. They were encouraged to transfer money to another account so that the frauds would stop, but these were gang-controlled and five companies lost tens of thousands of pounds each.

Commenting, Katy Worobec, Director of FFA UK said:

“Criminals turn their attention to businesses because successfully scamming a business can earn the fraudster much more than he could steal from an individual. Scammers also understand that small businesses are used to processing all kinds of payments, so a simple request to change an invoice or provide financial information has a good chance of cheating an accounting department.

“To avoid falling victim to scammers, always check who you are talking to and be wary if you get a cold call and are asked for a lot of information. If in doubt, call the company back on a number you know and ask to be put in touch with the person you have already spoken to.

The campaign is supported by the Chartered Institute of Public Finance and Accountancy (CIPFA), the professional body for people in public finance. CIPFA recently launched the Anti-Fraud Center (CCFC) in July 2014 to lead and coordinate the fight against fraud and corruption in public services.


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