Brexit will open window of opportunity for business scammers

Following Barclays issuing a warning to businesses over scams ahead of the Brexit transition, John Dobson, CEO at ID check and business verification experts SmartSearch said: “The research from Barclays suggests there has been a 20% surge in business scams in the UK in the past five months, and that very much tallies with what we know from our customers about the rising level of fraud this year.

“Criminals will take advantage of any opportunity, whether it’s the crisis caused by coronavirus, or uncertainty about new rules for businesses when we leave the EU at the end of December.

“The latest data from Barclays really does highlight how crucial it is for businesses to be sure about who they are dealing with when entering into a commercial relationship with another business. The fact is fraudsters are not just posing as individuals, or customers looking to use a fake ID to launder money. They are organised and posing as businesses, CEOs, suppliers etc.

“Regulated businesses in the UK not only need to make sure they are compliant with Know Your Customer (KYC) legislation but also Know Your Business (KYB). Otherwise they are seriously exposed to fraud and also to financial penalties from the Financial Conduct Authority (FCA).

“SmartSearch has the most robust verification for KYB on the market with the ability to validate the identity of a business and its directors in less than three minutes. Which means it takes about the same time to do a SmartSearch as it does to make a cup of tea, and it could save your business thousands of pounds.”

Barclays issue warning to businesses

Published: 04 December 2020