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E-mail scams cost UK firms more than $42 million: Research

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Research by accountancy firm RSM UK Group L.L.P. found that more than 1,500 local companies lost a collective $42.5 million in 2016 due to "mandate fraud," which involves a scammer e-mailing companies to trick them into making payments into a fraudulent account, Pymnts.com reported citing City A.M. Fraudulent bank cards and internal employee fraud are the top two tactics used in mandate fraud, the study found. "While in some cases the losses are small, in others, they can run into hundreds of thousands of pounds, putting the future viability of the business at risk,” said an official at RSM.

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