Invoice fraud still a major threat

/in , , ,

In December 2018 Safe4 published an article highlighting the increasing instance of invoice fraud in the UK. This is not just a UK issue – criminals across Europe are defrauding businesses of huge sums by intercepting emails and changing the bank details on invoices.

Invoice fraud remains a major problem

Further evidence of invoice fraud was published yesterday on the BBC website. Again, the use of email was highlighted as one of the most prevalent means of getting a customer to pay the funds rightfully due to their supplier into a fraudulent bank account. in 2018 3,280 cases were reported, although it is likely that the actual number was higher. In total at least £93 million was stolen through invoice fraud.

There is a solution …

Safe4 provides a secure means of transferring information of any kind between businesses of any size and type. Use of UK-only data centres accredited to ISO 27001, comprehensive audit trails, and industry-leading encryption techniques radically reduce the risk of fraud, and thus the potential for incurring significant financial losses.

Please get in touch with us if you would like to ensure that your business does not suffer from invoice fraud – we will be delighted to assist you.

Document signing in Safe4 is now available – version 6.0 is released

/in , ,

The need for documents to be signed electronically in accordance with the requirements of HMRC and Companies House in the UK has been highlighted by a number of Safe4 customers. Consequently Safe4 have now added a document signing facility to their highly secure information delivery and storage service, without the need for any external technologies.

How the signing function works

There are a couple of prerequisites for this facility: the document must be held in Safe4 in PDF format, and the required signatories must be users of Safe4 and have access to the folder in which the document is located.

Single or multiple documents can be issued for signature, and if required multiple users can be requested to sign. In the case of multiple documents being selected, there is an option to create a “pack”, so that all of the documents can be signed in a single action. Requested signatories will receive an email with a link to the document/s requiring signature. When this is clicked they will be presented with an option to sign or decline the document, after having entered their Safe4 password and PIN. When all documents have been signed and all users have actioned the signature request, a new version of the PDF file will be created with an added page – this will show a complete list of all of the signatures, together with a verification code, made up of a hash of the user details, the document ID, and the date and time of signature. This functions in a similar way to blockchain, being an immutable record of the signing event.

Other enhancements

In addition to the document signing function, a setting has been added to the provider administration screen, allowing Safe4 Common Folders to be disabled. If selected, this will prevent users uploading files into the Common Folders area of a Safe4 vault in error.

Significant changes have also been made to the Safe4 server architecture, enhancing security and performance, to ensure that the class-leading safety and availability provided by Safe4 is maintained in line with industry best practice.

If you would like any further information on how these enhancements can add value to your business, please contact us at Safe4. We will be delighted to hear from you.