HSBC UK Launches Scam Protection App for All Businesses | City & Business | Finance
It is the first of its kind to be offered by a British bank. Fraud costs the UK private sector more than £ 140 billion a year, according to the latest crime figures.
A study by HSBC UK Commercial Banking found that the most common scams targeting commercial customers last year were:
- Buying scams, where non-existent products and services were sold, with an average loss of £ 3,000 by businesses in each case.
- Bill and money order scams costing victims an average of £ 24,000 per case.
- Identity theft scams which resulted in an average loss of £ 6,500 per case.
Investment scams were fewer but the most damaging, with each case costing victims over £ 27,000.
With the app, businesses will gain insight into the new and emerging types of scams that often take advantage of global and national news and events, which the pandemic has highlighted.
In addition to sending notifications to users about new scams and fraud tactics, the free app will include tips and tricks on how to avoid falling victim and providing real customer accounts.
Peter McIntyre, Head of Small Business Banking for HSBC UK Commercial Banking, said: “Protecting our customers is our top priority. We launched this app to take it one step further and help all UK businesses, not just our own customers. Knowledge is power and we want to help businesses be as prepared as possible to stop these scammers in their tracks.
“We strongly believe that by arming companies with this latest information and advice, they will be in a better position to detect frauds and scams before they part with any funds.”
Danny Lucas, executive chairman and managing director of Lucas, a leading Kent-based interior design and finishing company, has piloted the app and made fighting fraud a priority.
He explains, “We live in an age where cybersecurity breaches and attempted intrusions into our systems are a daily occurrence. Every day we get malicious emails encouraging employees to click on something or “open here” and it could wreak havoc on our business.
“Online banking is the lifeblood of our business and it is absolutely vital to be aware of the scams that exist and to be kept informed of new tactics.
“The HSBC UK anti-fraud app that we have been testing for the past six months has proven to be a fantastic source of information for our team and provides us with an additional tool in the fight against financial crime. ”
Martyn Pointer, Head of Business Innovation at HSBC UK, led the development of the app. “We’ve worked closely with businesses every step of the way to make sure the app gives them the information and advice they need to help prevent fraud,” he added.
“The feedback from customers who have already used the application has been very positive, which has led us to the decision to make it available to all businesses, whether they are customers or not, for free. “
The HSBC Fraud and Cyber Awareness app is now available on the Apple App Store and Google Play Store for iOS and Android users. For more information www.business.hsbc.uk/en-gb/