Barclays Bank, which has branches in Swindon, has launched a nationwide campaign to help small businesses tackle cybercrime and fraud.

New research suggests that online fraud has resulted in the loss of more than 50,000 British jobs to date as SMEs had to make redundancies to recover costs.

The findings were unveiled at a cyber-skills masterclass for Barclays Business Banking clients hosted by football legend and business owner Sol Campbell.

The research conducted by YouGov for Barclays, as part of their nationwide campaign to help small businesses tackle cybercrime and fraud, has found that over two in five (44%) of SMEs surveyed in the South West have been targeted by fraud.

The amount targeted in the South West reflected the national average of 44%. Of those targeted, over one in ten (12%) fell victim, compared to the national average of 23% and surprisingly, 31% said they spent nothing on fraud prevention training for their staff in the past year.

The average cost of a fraud to a business was almost £35,000[ii]. If these figures were applied to the nation’s more than five million SMEs, the total cost would equate to £40bn to date.

In two thirds of cases, the businesses had to cover these costs themselves - money that could otherwise have been invested in jobs, training or new equipment.

Barclays has seen a rise in sophisticated fraud with criminals targeting SMEs. This includes using “social engineering,” with emails or phone calls impersonating people such as suppliers, staff members or even the CEO, tricking victims into giving out information or making payments.

The research also reveals that only half of small business victims (54 per cent) reported the crime to the police, and over a quarter (28 per cent) do not even tell staff when a breach has happened.

Barclays has stepped up its mission to educate customers, including SMEs, about the growing risks of fraud and cybercrime, investing over £18 million during the past 24 months on its national Digisafe campaign, which has already engaged five million people. The bank has also prevented over £857 million of potential fraud and scams (more than £35 per customer) in the last year.

In 2017, Barclays also hosted webinars attended by almost 7,000 SMEs to help keep them safe, and aims to raise that figure to 30,000 this year. It also hosts workshop events across the country.

Sol Campbell said: “With a rise in online crime, it’s more important than ever that businesses keep an eye on the ball when it comes to cyber security. In business as in football, you have to be strong, versatile and flexible - and as a defender, you need to trust your natural instincts.

“If an email or call sounds fake, check it. Playing as a team and training are vital in business as well as sport. Managers should invest time letting staff know about the dangers of scams. As an owner of a small business that has fallen foul of cyber criminals, I’m particularly keen to raise awareness and show fraudsters the red card.”

Ian Rand, CEO of Barclays Business Banking, said: “We’re on a mission to educate all small businesses of the growing risk of cybercrime and fraud. The staggering cost of these crimes can stop a small business from investing in new jobs, training or equipment, in turn boosting local economies. “