Message from BBA Chief Executive Anthony Browne
Welcome to Financing Growth magazine, produced by B&Y Publishing in association with the BBA.
Do you think you could spot a scammer that was trying to defraud you? What if they called you, pretending to be from your bank or even the police? In this edition of Financing Growth we examine the risks posed by fraudsters, and how you can protect yourself and your business from falling victim to a scammer’s tactics.
Banks’ number one priority is keeping their customers’ money safe and secure. They have secure procedures to protect you and your business from fraudsters, but these criminals’ tactics are changing all the time. That’s why the BBA’s Know Fraud, No Fraud campaign has just published a new leaflet for businesses setting out eight things that your bank will never ask you but a fraudster might. You can read more on page 26. Knowing about these methods can stop you falling victim to crimes such as vishing and phishing.
Cybercrime is a rising problem and costs the UK economy billions of pounds each year. Cifas, which is dedicated to the prevention of financial crime, identity theft and internal fraud, estimates that there is one fraud every second. On page 18, Cifas warns that there is an increasing and serious threat to businesses and individuals from fraud. Did you know that stolen data from breaches, hacks and thefts is often sold on by criminals on the dark web? Read on to find out how to protect yourself and your business.
Mark Weil, UK and Ireland CEO of insurance broking and risk management specialists Marsh, discusses his organisation’s study into companies’ attitudes towards the cyber threat on page 8. The report found that just under 70% of companies don’t assess their suppliers and/or customers for cyber risk.
In this edition we’re also delighted to have received contributions from the UK Business Angels Association, Responsible Finance and BBA incoming Executive Director of Commercial and Corporate Banking Mike Conroy on the new referral platforms.
Bank finance is not appropriate for every business, but today firms that are looking to borrow have plenty of avenues to explore. Alternative finance providers are an important part of the finance ecosystem, and it’s great that there are so many options out there.
All the best,
BBA Chief Executive