Has your company's bank account number been compromised by a fraudulent company?

Using factoring companies is common practice today, and factoring offers many advantages. Even larger organizations have begun to use the various services offered by factoring companies, and the future looks bright for the factoring industry.

However, there is a risk of an unpleasant surprise.

Sharing your bank account number with several other organizations can have negative consequences that few people are aware of or consider. Above all, this is not something your factoring company will inform you about when you become a customer.

Betalkontroll has analyzed millions of supplier payments, and it is clear—and not surprising—that virtually all factoring companies have one or more identified fraudulent companies as clients.

You may be wondering, what does this matter to your organization?

Yes, your company may share bank account numbers with one or more identified fraudulent companies if you use factoring services with shared bank account numbers. This may affect new potential customers who have just checked your bank account number and identified that it is used by one or more fraudulent companies.

Tips

• Ensure that the account number assigned to you by your factoring company is not being used by a fraudulent company.
• If possible, request a dedicated account number that is not used by other companies.
• Use pressure on your factoring company to influence it to check that new customers are reputable companies.
• If you discover that your company's bank account number is being used by unscrupulous companies, contact your factoring company and demand that you no longer have to share your bank account number with these companies.

Please contact us if you would like to know whether your bank account number is being shared with fraudulent companies.