Construction invoice fraud - Revision history

Designing Buildings at 07:27, 24 November 2020

2020-11-24T07:27:22Z

← Older revision		Revision as of 07:27, 24 November 2020
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	* VAT reverse charge.		* VAT reverse charge.

−	[[Category:~~Publications_/_reports~~]] [[Category:~~News~~]] [[Category:DCN_News]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:DCN_News]] [[Category:News]] [[Category:Publications_/_reports]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]

Designing Buildings at 12:19, 15 March 2019

2019-03-15T12:19:42Z

← Older revision		Revision as of 12:19, 15 March 2019
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	Pauline Smith, head of Action Fraud, which acts as the UK’s centre for fraud reporting and internet crime, said incidents of invoice fraud are under-reported, making it difficult to know the true scale of the problem or how it affects construction firms, saying, “It’s important that employees are made aware of invoice scams and are ready to recognise the signs of fraud”.		Pauline Smith, head of Action Fraud, which acts as the UK’s centre for fraud reporting and internet crime, said incidents of invoice fraud are under-reported, making it difficult to know the true scale of the problem or how it affects construction firms, saying, “It’s important that employees are made aware of invoice scams and are ready to recognise the signs of fraud”.

−	~~= Find out more =~~	+	= Related articles on Designing Buildings Wiki: =
−		+
−	=== Related articles on Designing Buildings Wiki: ===	+

	* Commercial security systems.		* Commercial security systems.
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	* VAT reverse charge.		* VAT reverse charge.

−	[[Category:Publications_/_reports]] [[Category:News]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]	+	[[Category:Publications_/_reports]] [[Category:News]] [[Category:DCN_News]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]

Editor at 12:39, 9 July 2018

2018-07-09T12:39:53Z

← Older revision		Revision as of 12:39, 9 July 2018
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	* Regular invoicing for architects.		* Regular invoicing for architects.
	* Remedies for late payment.		* Remedies for late payment.
		+	* VAT reverse charge.

	[[Category:Publications_/_reports]] [[Category:News]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]		[[Category:Publications_/_reports]] [[Category:News]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]

Editor at 12:19, 28 March 2018

2018-03-28T12:19:50Z

← Older revision		Revision as of 12:19, 28 March 2018
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	* Fees.		* Fees.
	* Insurance.		* Insurance.
		+	* Invoice.
	* Professional Indemnity Insurance.		* Professional Indemnity Insurance.
	* Regular invoicing for architects.		* Regular invoicing for architects.

Editor at 16:58, 24 July 2017

2017-07-24T16:58:10Z

← Older revision		Revision as of 16:58, 24 July 2017
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	* Remedies for late payment.		* Remedies for late payment.

−	~~[[Category:Organisations]]~~ [[Category:Publications_/_reports]] [[Category:News]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]	+	[[Category:Publications_/_reports]] [[Category:News]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]

Designing Buildings at 18:05, 28 April 2016

2016-04-28T18:05:04Z

Editor at 08:59, 26 April 2016

2016-04-26T08:59:55Z

← Older revision		Revision as of 08:59, 26 April 2016
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−	[[File:Invoice.jpg]]	+	[[File:Invoice.jpg\|link=File:Invoice.jpg]]

−	According to data from online invoicing firm Tungsten, released in April 2016, UK construction businesses are losing more than £1.8bn from invoice fraud each year.	+	According to data from online invoicing firm [http://www.tungsten-network.com/uk/ Tungsten], released in April 2016, UK construction businesses are losing more than £1.8bn from invoice fraud each year.

	One in six construction firms believe fraudulent invoices have cost them more than £5,000 in the last year alone, with businesses losing on average £1,948 a year as a result.		One in six construction firms believe fraudulent invoices have cost them more than £5,000 in the last year alone, with businesses losing on average £1,948 a year as a result.

Editor: Created page with "File:Invoice.jpg According to data from online invoicing firm Tungsten, released in April 2016, UK construction businesses are losing more than £1.8bn from invoice fraud ea..."

2016-04-26T08:57:15Z

Created page with "File:Invoice.jpg According to data from online invoicing firm Tungsten, released in April 2016, UK construction businesses are losing more than £1.8bn from invoice fraud ea..."

New page

[[File:Invoice.jpg]]

According to data from online invoicing firm Tungsten, released in April 2016, UK construction businesses are losing more than £1.8bn from invoice fraud each year.

One in six construction firms believe fraudulent invoices have cost them more than £5,000 in the last year alone, with businesses losing on average £1,948 a year as a result.

The data also revealed that 60% of firms surveyed received a fraudulent or suspicious invoice in the past year, compared with a national average of 47%.

Although construction companies surveyed expressed more concern than most other industries about the problem, only 11% of construction businesses said they would take action if they received a suspicious invoice. A further 6% of firms would not know what to do if a suspicious invoice was received, while only 54% would contact the police or a similar reporting service.

Fraudsters have been using the tactics of embedding viruses in email attachments, attaching unknown invoices to an email or via post, making false changes to bank details and sending duplicate invoices.

Commenting on the survey, Tungsten chief executive Richard Hurwitz said:

“Construction firms face all manner of challenges, and it’s telling that cyber crime looms as one of the biggest. It seems particularly prevalent within the construction industry, possibly because many contractors have minimal back office support and therefore it is easier for fraudsters to get away with their tactics.”

In February, the government launched the Joint Fraud Taskforce to tackle fraud, backed by the National Crime Agency, Financial Fraud Action, the Bank of England and major banks.

Pauline Smith, head of Action Fraud, which acts as the UK’s centre for fraud reporting and internet crime, said incidents of invoice fraud are “under-reported”, making it difficult to know “the true scale” of the problem or how it affects construction firms.

“It’s important that employees are made aware of invoice scams and are ready to recognise the signs of fraud,” she added.

= Find out more =

=== Related articles on Designing Buildings Wiki: ===

* Commercial security systems.
* Construction contract.
* Construction VAT.
* Fees.
* Insurance.
* Professional Indemnity Insurance.
* Regular invoicing for architects.
* Remedies for late payment.

[[Category:Organisations]] [[Category:Publications_/_reports]] [[Category:News]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]

← Older revision		Revision as of 18:05, 28 April 2016
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	[[File:Invoice.jpg\|link=File:Invoice.jpg]]		[[File:Invoice.jpg\|link=File:Invoice.jpg]]

−	According to data from online invoicing firm [http://www.tungsten-network.com/uk/ Tungsten], ~~released~~ in April 2016, UK construction businesses are losing more than £1.8bn from invoice fraud each year.	+	According to data from online invoicing firm [http://www.tungsten-network.com/uk/ Tungsten], published in April 2016, UK construction businesses are losing more than £1.8bn from invoice fraud each year.

	One in six construction firms believe fraudulent invoices have cost them more than £5,000 in the last year alone, with businesses losing on average £1,948 a year as a result.		One in six construction firms believe fraudulent invoices have cost them more than £5,000 in the last year alone, with businesses losing on average £1,948 a year as a result.
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	The data also revealed that 60% of firms surveyed received a fraudulent or suspicious invoice in the past year, compared with a national average of 47%.		The data also revealed that 60% of firms surveyed received a fraudulent or suspicious invoice in the past year, compared with a national average of 47%.

−	Although construction companies surveyed expressed more concern than most other industries about the problem, only 11% ~~of construction businesses~~ said they would take action if they received a suspicious invoice. A further 6% of firms would not know what to do if a suspicious invoice was received, while only 54% would contact the police or a similar reporting service.	+	Although the construction companies surveyed expressed more concern than most other industries about the problem, only 11% said they would take action if they received a suspicious invoice. A further 6% of firms would not know what to do if a suspicious invoice was received, while only 54% would contact the police or a similar reporting service.

−	Fraudsters have been using ~~the~~ tactics of embedding viruses in email attachments, attaching unknown invoices to an email or via post, making false changes to bank details and sending duplicate invoices.	+	Fraudsters have been using tactics such as; embedding viruses in email attachments, attaching unknown invoices to an email or via post, making false changes to bank details and sending duplicate invoices.

	Commenting on the survey, Tungsten chief executive Richard Hurwitz said:		Commenting on the survey, Tungsten chief executive Richard Hurwitz said:
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	“Construction firms face all manner of challenges, and it’s telling that cyber crime looms as one of the biggest. It seems particularly prevalent within the construction industry, possibly because many contractors have minimal back office support and therefore it is easier for fraudsters to get away with their tactics.”		“Construction firms face all manner of challenges, and it’s telling that cyber crime looms as one of the biggest. It seems particularly prevalent within the construction industry, possibly because many contractors have minimal back office support and therefore it is easier for fraudsters to get away with their tactics.”

−	In February, the government launched the Joint Fraud Taskforce to tackle fraud, backed by the National Crime Agency, Financial Fraud Action, the Bank of England and major banks.	+	In February, the government launched the Joint Fraud Taskforce to tackle fraud, backed by the National Crime Agency, Financial Fraud Action, the Bank of England and the major banks.

−	Pauline Smith, head of Action Fraud, which acts as the UK’s centre for fraud reporting and internet crime, said incidents of invoice fraud are ~~“under~~-~~reported”~~, making it difficult to know ~~“the~~ true ~~scale”~~ of the problem or how it affects construction firms.	+	Pauline Smith, head of Action Fraud, which acts as the UK’s centre for fraud reporting and internet crime, said incidents of invoice fraud are under-reported, making it difficult to know the true scale of the problem or how it affects construction firms, saying, “It’s important that employees are made aware of invoice scams and are ready to recognise the signs of fraud”.
−		+
−	“It’s important that employees are made aware of invoice scams and are ready to recognise the signs of ~~fraud,” she added~~.	+

	= Find out more =		= Find out more =