FOCUS ON FINANCE /CYBER SECURITY
Scotland’s first fintech accelerator is launched A new specialist fintech hub, backed by the UK and Scottish governments will open its doors to entrepreneurs in May. The hub will be the first of its kind in Scotland and will operate from Entrepreneurial Spark at Royal Bank of Scotland’s base in Edinburgh. genuine – people are not always who they say they are. If you keep your wits about you, you can protect your business.
trading standards and other bodies to help you. Quick action is key to minimising the damage caused by fraud.
“Always remember that if something sounds too good to be true, then it probably is. By remaining wary you can avoid falling into the trap.
“Your first step must be to determine the scale of the problem. Talk to your team and make sure you have done everything right. Call your bank if you need help.
“You should always retain control of the situation. Don’t be embarrassed to question what you are being asked to do. You should not feel forced into doing anything.”
“And make sure that you are prepared for news leaking out about your problem. Maybe draft up a reassuring statement for the website and for the media if they get in touch, assuring customers that you are sorting things out.
The Royal Bank tries its hardest to prevent customers falling victim to scams. Sometimes when you’re making a transaction in the branch you may be asked a couple of extra questions to make sure bank staff are comfortable with the transaction. Little actions like this have helped prevent some customers transferring large sums to scammers and the bank will never phone you up and ask you to move money to a safe account or to ask for full password and PIN details. Susan advises: “It is important to remember that you are not alone. If you think your account is at risk then tell us. We’ll freeze your account so no funds can be transferred away and we’ll make the account safe for you. We will also work with the police,
“However, the overall message is that if you stop and think, you can usually keep your business safe in the first place.” To learn more about protecting your business, talk to your Relationship Manager at the bank or visit: http://www.rbs.co.uk/ corporate/ms/sc/online-security.ashx The joint bank initiative Take Five offers straightforward and impartial advice to help businesses protect themselves against fraud at www.takefive-stopfraud.org.uk
It will launch one year on from the opening of Entrepreneurial Spark’s dedicated space at Gogarburn and is set to become a centre of excellence for the burgeoning fintech sector, estimated to be worth up to £6bn to the UK economy. It will bring together industry leaders and networks and marry them with Entrepreneurial Spark’s tried and tested approach to build, grow and scale businesses. This will be a key milestone in Scotland’s journey towards its ambition of being a world leader in fintech and innovation. Fintech entrepreneurs will benefit from Entrepreneurial Spark’s hugely successful enablement programme as well as Royal Bank of Scotland’s tech expertise and networks. Entrepreneurial Spark partners KPMG and Dell EMC will also provide added jet fuel to the potent mix. The fintech businesses will be housed in Royal Bank of Scotland HQ in Gogarburn with access to the networks and expertise of the Bank’s staff and technology partners.
Business Scotland
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