How Growth Street protects itself from fraud

For any financial services firm, fraud is an ongoing challenge. The cost of fraud to the UK economy runs into the billions on an annual basis. And to make matters worse, businesses of all sizes can be affected: even organisations as large and sophisticated as Google have had to make significant changes to their fraud-detection systems recently.

As a responsible lender, Growth Street is committed to supporting growing SMEs with our flagship business finance product, GrowthLine. Unfortunately, this does mean that, as a growing business, we can be targeted by those unscrupulous individuals who want to take advantage of our ambition to help businesses grow with capital.

Since the inception of Growth Street and the launch of GrowthLine, our personal and hands-on approach to the onboarding and in-life management of our customers has helped protect us from fraud thus far. However, we are not complacent and, in an ever-changing world, we are constantly looking at ways of improving how we protect our borrowers, lenders, stakeholders, and ourselves.

With this in mind, Growth Street has recently undertaken a number of steps to improve the ways we combat fraud within our organisation. This includes investing in the expansion of our Risk and Compliance teams, registering with the CIFAS fraud prevention agency, and broadening the range of public domain data we source on prospective customers. This allows us to enhance our due diligence processes while improving our response times for customers and introducers - where we continue to strive to be best in class.

Despite undertaking a thorough review and enhancement of our risk approach, we’ll continue to remain vigilant. It’s clear that while organisations can take measures to reduce the risk of fraud, it may well impact a business at some point in its lifetime. But every company can do its bit to create an environment where fraud does not pay.

Here are some quick tips on how you can reduce the risk or impact of fraud on your business:

  • Never assume that you will not be a victim of fraud.
  • Carry out reference and background checks on new employees, suppliers and customers seeking credit terms.
  • Secure physical and monetary assets.
  • Install and maintain a suitable firewall/IT protection.
  • Control access to bank accounts, petty cash and sensitive company data.
  • Install a fraud prevention culture within the business through supporting reporting of suspected fraud and including fraud as a standing agenda item within regular SMT/Team meetings.
  • Hire/retain professionals to support fraud prevention (Intellectual Property Lawyers/training on fraud prevention with staff etc).
  • Where fraud is suspected, act quickly but calmly.
  • Listen to your instincts.

You can find out how we protect our investors and borrowing businesses by heading to our FAQ page. Remember - we always love to hear from you! Contact us on hello@growthstreet.co.uk if you have any follow-up questions.

Written on in Business Insights