Top Service News
Protecting Construction Businesses: How Our Community Prevented £1 Million in Fraud Losses
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The construction industry is currently on high alert for sophisticated credit fraud and fraudulent account applications. With tight margins and ongoing pressure on supply chains across the UK, falling victim to a bad debt or fraudulent order can have a devastating impact on cash flow.
At Top Service, our primary mission is to help our members minimise debt and maximise cash. That’s why we’re proud to share a major milestone from our member support team: over the past 12 months, we have successfully helped our members prevent just short of £1 million worth of direct losses through fraudulent credit applications.
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How do we spot these threats before goods leave the yard?
It comes down to a powerful combination: the specialist expertise of our team and the real-time trading experiences shared by our unique construction community.
Traditional credit reports often rely on static, historical data that can miss fast-moving fraudulent activity. By contrast, our system tracks live trading experiences across the UK construction sector. When a fraudulent credit application or suspicious trading pattern emerges, our community intelligence flags it immediately, protecting you before an account is ever opened.
“There is no better protection against credit fraud than our team’s expertise combined with the live, real-time data shared across our construction network.”
Two Key Actions to Protect Your Ledger
To help safeguard your business against fraudulent credit applications heading into Q4, our member support team recommends the following best practices for your credit control team:
- Listen to your instinct: If anything about a new credit application or trading activity feels suspicious or slightly “off,” reach out to our team right away for support.
- Check before you supply: Regardless of your internal credit checking procedures, always check the Top Service system before opening a new credit account.
By taking a proactive approach and leveraging live construction data, you can stay one step ahead of fraudsters and keep your cash flow secure.
Need help assessing a credit application?
Whether you suspect an application might be fraudulent or simply want to review your current credit checking processes, our credit management experts are here to help.
- Existing Members: Log in to search our database or contact our Member Support team directly for assistance.
- Not yet a member? [Register for a free trial] or [Ask an expert] today to see how Top Service can help protect your business from credit risk.