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Small and medium-sized businesses (SME’s) lose more than £9 billion a year to invoice fraud, according to new research

4 May 2016

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The research, published by Tungsten Network, says this amounts to £1,658 per SME. Of those affected, one in six firms believe the fraud has cost them more than £5,000 in the last year.

According to the research, the scale of the fraud is accelerating, with 54% of businesses viewing it as their single biggest threat – more so than losing a major contract, a member of staff or competitors' activities.

Of the 1,000 companies surveyed, nearly half of all businesses have received a fraudulent or suspicious invoice in the last year – a figure that underlines the need for fraud prevention measures.

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