Business News


Bank warns SMEs over fake invoices


Savvy fraudsters are targeting UK SMEs with fake invoices, resulting in significant losses for business owners, research from Barclays has revealed. Barclays say 14 per cent of SMEs


have fallen victim to an invoice scam in the last 12 months. Data also shows that 28 per cent


of reported invoice scams resulted in losses of more than £5,000.


‘Fraudsters are becoming increasingly sophisticated with the methods they use’


The bank’s figures also reveal


that hotspots for scams include the West Midlands, the South West, the East of England and London. To help businesses stay vigilant,


Barclays is issuing a new warning against the dangers of invoice scams, issuing top tips to SMEs on how to stay safe. Statistics reveal that many scams


could be easily avoidable – only 25 per cent of employees processing an invoice double-checked with a


colleague before making a payment, and 24 per cent said they were scammed because they trusted the email address it was sent from. The impact of such scams on


businesses and individuals is considerable, with 18 per cent of SME business leaders admitting that they have had to cover the full cost of a scam. Despite this, due to lack of time,


only 19 per cent say they conduct invoice training for all staff to help them spot a fake invoice. Ian Rand, chief executive of


Barclays Business Banking, said: “Fraudsters are becoming increasingly sophisticated with the methods they use to target Britain’s hard-working SMEs and unfortunately, we know that impersonation fraud and invoice scams are on the rise. “Our network of over


1,500 relationship managers is delivering advice clinics to SMEs across the country – arming them with valuable information on all aspects of business resilience, including digital safety.”


Paul’s smart move to help charity By Jessica Brookes


A Birmingham-based charity which helps unemployed people prepare for job interviews has been boosted by a personal donation from Greater Birmingham Chambers of Commerce chief executive Paul Faulkner. Paul met with Suited for Success’


chief executive Patricia White to discuss how the charity helps unemployed individuals by providing them with suits and smart clothing for interviews. Mr Faulkner donated some suits


that were owned by his father, former newspaper chief David Faulkner, who passed away last year. As well as supplying


businesswear, Suited for Success provide interview coaching, CV reviews and mock interviews – all free of charge. The charity works in partnership


with firms such as Gowling WLG, LM-JV, the National Grid and KPMG, who assist with interview coaching and advice. Currently, Suited for Success sees between 50


22 CHAMBERLINK April 2019 Suiting up: Paul Faulkner and Patricia White


and 60 people a week. Mr Faulkner said: “After speaking


with my brother and mother about the charity, I was delighted that I was able to donate some of my father’s tailored suits and shirts to this worthy, local cause.


“Their service provides a tangible


benefit to those seeking employment opportunities in Birmingham, and is ultimately making a real difference to the lives of those who have faced difficulties in gaining employment.”


Ian Rand: Fraud fear


Universities team up for apprentices


A partnership between three leading universities in the West Midlands is aiming to provide 1,200 degree apprenticeships. The West Midlands


Combined Universities, made up of Birmingham City University, Coventry University and the University of Wolverhampton, aims to deliver degree apprenticeships to help close skills gaps in a number of sectors. The partnership’s degree


apprenticeship courses have been developed with more than 200 employers in the West Midlands, covering courses in digital and technology, construction, engineering, professional services, manufacturing and healthcare. WMCU’s retention rate is


66 per cent, meaning that on average two-thirds of students choose to stay and work in the West Midlands after graduating.


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