Safeguard Against Fraud with Tymit

In the ever-evolving realm of B2B interactions, protecting your retail business from prevalent scams is paramount to your customer's security. At Tymit, we understand the unique challenges faced by retailers, particularly those exploring instalment-based credit solutions for their customers.


Tymit FinCrime

London, UK
City Skyline

As your financial partner, we provide tailored strategic insights, emphasising both fraud prevention and unlocking the full potential of flexible payment options.

With the insurgence of AI, recognising the developing nature of fraud, which can emanate from staff members, customers, suppliers, and unrelated third parties, is paramount to protecting your customers.

Tymit addresses these challenges by offering robust transaction monitoring systems, swiftly investigating any concerns and ensuring a secure financial environment.

Common Scams to Stay Alert Against:

  1. CEO Scams: Criminals adeptly impersonate top-tier executives, pressuring your team for urgent payments. For example, a fraudster might pose as the CEO via email, urgently requesting a sizeable payment to a specified account for what appears to be a critical business transaction.

  2. Invoice and Mandate Scams: Fraudsters assume the guise of regular suppliers, persuading businesses to alter bank account details. A fraudulent supplier might send an email claiming a change in banking information and requesting future payments be made to the new account.

  3. Purchase Scams: Exercise caution against scams coaxing businesses into purchasing non-existent products or services. A typical example involves an enticing offer for high-demand goods at unbeatable prices, luring businesses into making advance payments for products that never materialise.

Acknowledging the invaluable role your customers play in the success of your business, we are keenly aware of the rising challenges in ensuring their safety. In 2022, fraud incidents led to a staggering £1.2 billion in losses, underscoring the urgency of robust protective measures.

At Tymit, we make partner’s and their customer’s safety our top priority. Through consistent communication, regularly updated FAQs, and informative educational content, we strive to empower your customers with the knowledge needed to navigate potential risks confidently.

In line with our dedication to your customers and partners, Tymit is unwavering in upholding the highest industry security standards. By doing so, we ensure a resilient defence against emerging challenges, fostering a secure environment for all involved parties.

Common Scams for your customers to Stay Alert Against:

  • Romance Fraud
  • Phishing, Vishing, and Smishing
  • Courier Scam
  • Safe Account Scam
  • Investment Scams
  • Advance Fee Scams
  • Ticket Scams
  • Tour Operator and Holiday Scams
  • Pension Scams

Understanding various fraud types is vital, and Tymit stands ready to assist your business and customers in navigating these challenges.

Strategies to Mitigate Business Fraud Risk and Boost Retail Success:

As we continue to navigate the dynamic landscape of the retail industry, safeguarding our business against fraud becomes paramount. Here are strategic measures aimed at mitigating fraud risk and bolstering our success:

  • Maintain Scepticism: Scrutinise the legitimacy of deals, opportunities, documents, transactions, and information.

  • Comprehensive Understanding: Foster an in-depth understanding of our operations, staff, products, target market, and legal obligations.

  • Due Diligence on Partners: Conduct meticulous due diligence on business partners, including customers.

  • Proactive Vulnerability Identification: Anticipate potential avenues of attack.

  • Develop a Customised Fraud Strategy: Craft a bespoke fraud prevention and detection strategy.

  • Cybersecurity Vigilance: Safeguard our business technology against evolving cyber threats.

  • Financial Oversight: Scrutinise bank statements for irregularities.

  • Holistic Property Protection: Secure both physical and intellectual assets with robust security measures.

  • Proactive Action Planning: Develop a comprehensive action plan to respond effectively to potential fraud scenarios.

  • Reporting and Collaboration: Foster a proactive approach to fraud reporting.

We are dedicated to safeguarding your customers through our expertise in FinCrime prevention.

By integrating these proven strategies, you are not just enhancing the security of your operations but also creating an environment conducive to embracing Tymit's innovative credit offering.

Integrate our outlined strategies to shield your retail business from fraud and seamlessly embrace Tymit's instalment-based credit solution, empowering your customers with flexible payment options and fortifying your business against potential risks.

This solution brings unparalleled flexibility to your customers, offering them a range of payment choices while maintaining a robust defence against potential risks.

Tymit is committed to working hand-in-hand with you to ensure the success of your retail endeavours.

Together, let's redefine the future of retail by providing a secure and adaptable payment experience for your valued customers.

Share the news