Fraud now accounts for around 40% of crime in the UK, making it one of the most common threats facing individuals and businesses today. The challenge is that fraud doesn’t always look suspicious. In fact, it often appears as part of everyday business; an email from a supplier, a message about a payment, or a phone call from someone claiming to be your bank.
Because fraudsters rely on deception rather than force, awareness is one of the most powerful tools you have to protect yourself and your organisation. Knowing what to look out for and taking a few simple precautions can significantly reduce the risk.
Simple Steps to Help Avoid Fraud
1. Never share a One Time Passcode (OTP)
A One Time Passcode is a security code designed to confirm that you are authorising an action. No legitimate organisation (including your bank) will ever ask you to share this code with them. If someone asks for it, it’s a major warning sign.
2. Only approve payments you have made yourself
If you receive a prompt in your banking app asking you to approve a payment that you did not initiate, do not approve it. Fraudsters may attempt to trick you into authorising payments that transfer money out of your account.
3. Your bank will never ask you to use an OTP to stop a payment
Criminals sometimes claim that sharing or entering an OTP will cancel a suspicious transaction. This is not true. Banks will never ask you to do this.
4. Verify who you’re speaking to
If someone calls claiming to be from your bank, do not rely on the caller ID or what they tell you. Hang up and call your bank back using a trusted number. In the UK, you can dial 159 to connect directly with your bank’s anti-fraud team and confirm whether the call was genuine.
5. Never allow remote access to your devices
Fraudsters may ask you to click a link or download software that allows them to remotely control your phone, tablet, or computer. Once they have access, they can view your information and potentially access your banking apps.
6. Always check changes to payment details
If a supplier, colleague, or contact asks you to change bank details for a payment, verify the request using contact details you already trust, not the ones provided in the message. Payment redirection scams are common and often very convincing.
7. Maintain strong internal payment controls
For businesses, clear processes around payments and approvals can prevent fraud. Dual authorisation, verification procedures, and regular staff awareness can significantly reduce risk.
Trust Your Instincts
Fraudsters rely on urgency and pressure to make people act quickly without thinking. If something feels unusual or doesn’t seem right, pause and double-check before taking action.
Stopping for a moment to verify could be the step that prevents a costly mistake.
If something doesn’t feel right, stop.
e: office@londonaccountants.co t: 0203 137 9791
Kind Regards,
The Team at London Accountants
