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* Tip: Desperate Times Invite Business Fraud: T . . .
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TIP: DESPERATE TIMES INVITE BUSINESS FRAUD: TEN WAYS TO IDENTIFY AND PREVENT IT
By Robert Shultz
As we experience continued inflation, and changing lending practices, many of
your small to mid-size businesses will be under significant financial pressure.
At the same time, your company may become more aggressive to retain and gain
customers and revenue opportunities.
As these two factors converge it is time to reassess credit risks and focus on
potentially fraudulent activity. Increased financial pressure can lead a small
business owner to a desperation point. To increase sales and revenue, you may be
experiencing pressure to approve higher lines of credit and loosening of credit
standards.
It is time for you as a Credit Manager to go back to fraud identification and
prevention basics. Think of the fraud triangle. One leg is financial pressure.
The other is rationalization, for the fraud motive to be complete, these two
factors rest on the third foundation of opportunity.
A desperate business owner, or a fraudster, may rationalize fraudulent behavior.
“They are a big company and will not notice. I will get away with it.” “They can
and will just absorb the loss.” “It will take them so long to figure that I
changed the ‘ship to' address for a breakout, I will not get caught.”
Take a look at your practices, policies, and controls with the following ten
considerations in mind:
* Multiple reference requests for a new customer: Watch for an unusual number
of reference requests for a customer you recently set up with a small credit
line. This may happen shortly after your first invoice has been paid. Look
deeper. Is a fraudster leveraging this small credit line and your company's
reputation to set up multiple fraud victims?
* You can't find information about them from usual public sources: The bureau
reports you typically use may not have records for a small company. Look for
other available public records verifying incorporation, and recording suits,
liens, judgments, etc.
* Unable to confirm where their working capital comes from: Dig deeper when
they refuse to disclose the name and contact information of their lender.
* The company name and what it sells, don't match: This may happen soon after
an ownership change. A previously reliable business with good bureau scores
and trade payment history suddenly changes the products it buys and sells. An
auto parts store is now selling computer equipment. This could be a breakout
operation. The fraudster is credit approved based on the history of the
previous owner. Once they receive a sufficient amount of product from an
unexpecting supplier, they disappear.
* The company name doesn't sync with the company's size and nature: You
encounter a small company with an inappropriate name such as “Worldwide
Enterprises.” Also, look for a name that is very similar to an established
well-trusted company. Don't mistake the two due to inadequate due diligence.
* Buying quantities that are inconsistent with the company's size: Orders for
large quantities of products that seem beyond the selling capacity of a small
company. This may seem like a good opportunity for a Sales Rep. You need to
dig deeper to understand who the customer sells to. Verify both the need and
ability to pay to terms.
* Sudden ownership, or “ship to” changes: Complete your due diligence on the
new owners. Confirm new “ship to” directions. Fraudsters may request a
change, portraying themselves as a long-standing creditworthy account. The
product is then shipped to a breakout warehouse and is gone.
* Lack of information about the principal background(s): The bottom line, know
your customer. Ask for government-issued identification. Complete thorough
research on the background of the owner(s) and senior managers. Consider
searching social media sites. Connect with the principal(s) and ask probing
questions until you are satisfied.
* The background and expertise of the owner do not match the nature of the
business: Look deeper if the principal has no experience in the industry or
this type of business.
* The principals have a history of insolvencies, violations of regulatory
requirements, or criminal activity. Obvious reasons to dig deeper.
Watch our course on Eliminating B2B Payment Frauds | Check and Bulk Transfer
Frauds to identify gaps in your payment processes that can be an enabler of
fraud.
Related Articles
* Tip: Seven Steps to a Successful Negotiation
* Tip: Think Like Your Boss
* Tip: Current Expected Credit Losses (CECL) Requirements are Now in Effect.
What You Need to Know, and What You Need to Do
* Tip: Addressing Credit Department Staffing Challenges From a Panel of Experts
* Tip: Ten Characteristics to Look for in a Credit Department Candidate
* Tip: Take the Time to Understand and Consider Digital Transformation
* Tip: Use Revealing Ratios and Trends to Understand What Financial Statements
are Telling You
* Tip: Eight Ways to Transition Individual Contributors to Team Players
* Tip: Ten Steps to Help Sell Your Credit Policies and Decisions
* Tip: Seven Habits for a Credit Department Success Culture
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* tips, and
* much more...
We cover trade credit like no one else!
* Most Read
* Members only, today...
Credit Today Releases Most Comprehensive Credit Staff Benchmarking Survey
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Electronic Invoicing--Overcoming Reluctance to Change
BS-Detectors
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What's the Best Time to Write Off an Account to Bad Debts?
Automated Remittance Processing: A Checklist of Critical Issues
SnapShot Survey on New Customer Approval Process
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* * Signup to receive our free e-newsletter!
For a limited time, also receive our free special report, "Building the
Foundation of Your Future Cashflow" (normally $175). We cover the world of
trade credit:
* News
* jobs
* benchmark surveys
* tips, and
* much more...
We cover trade credit like no one else!
* Most Read
* Members only, today...
Credit Today Releases Most Comprehensive Credit Staff Benchmarking Survey
Ever: Staff Sizes Up; Many Still Stressed
The BlueTarp Building Supply Index - 2017 Q2
Electronic Invoicing--Overcoming Reluctance to Change
BS-Detectors
Members-only, this month...
What's the Best Time to Write Off an Account to Bad Debts?
Automated Remittance Processing: A Checklist of Critical Issues
SnapShot Survey on New Customer Approval Process
SnapShot Survey on New Employee Orientation
* Join Us
* We invite you to join our private Members-only Online community and senior
level credit executive forum. Click here to learn more.
* Top Resources
* Benchmark Central
* Best Practices
* Checklists
* Discussion Forum
* Downloads
* Job Description-o-matic
* Departments
* Bankruptcy Issues
* Collections Today
* Construction Credit Today
* Credit Cards
* Credit Dept Profiles
* Credit Mgmt Today
* Credit Scoring
* Deductions Today
* Financial Analysis
* Fraud
* Free Online Courses
* Glossary of Terms
* Highako Academy
* HR Issues Today
* International
* Legal Issues
* New From Credit Today
* Resale Certificates
* Resource Directory
* Technology Today
* Tip of the Week
* Unclaimed Property
* Outside the Box
* Press Releases
* Sponsors
*
Our Members Say...
Credit Today is a significant resource for me and my team. The plethora of
articles and helpful tips written by successful subject matter experts is
priceless, as their instruments (liens for example) that we may not use
regularly, or situations we don't encounter daily. It's nice to have these
resources readily available.
Jeff Perlstein
Director of Credit, Berlin Packaging
I think Credit Today is fantastic. You cover many practical topics in the
credit field that I use regularly. Just one recent example—a conversation
on the ListServ about preferential payments—gave me tips that I used in an
actual case. The specific information I picked up from this one discussion
saved me $10,000, enough to cover my membership for many years!
- Steve Savino
Manager of Credit & Collections, ASSA Abloy Americas Division, New Haven,
CT
Starting a shared service center has definitely been challenging, but I
use your site all of the time for best practices and other resources. I
put out a “did you know” email 2 to 3 times per week to my staff so that
they gain knowledge and can become self-sufficient in credit & collections
and I use a lot of articles from Credit Today. I love the site.
- Nitta Charnon
Credit & Collections Supervisor, Actuant Corporation
"We've recently started using the ListServ tool within Credit Today. This
is phenomenal and powerful forum for gaining immediate feedback, ideas,
and suggestions, relative to any credit topic under the sun, all in a
real-time e-mail format."
-Javier Vela, Senior Credit Manager, Global Credit Services, JDA Software
Group Inc.
"Over the last 10 years I've seen Credit Today evolve from a monthly
credit publication into a quality source of information and guidance for
the B2B credit community. The website, with its user friendly form
downloads, will take you from examples of new account credit applications
to bankruptcy forms and everything in between.
The Credit Today ListServ has become the pre-eminent online forum,
providing an opportunity for discussion and comments (and occasional
humor) from an impressive list of credit professionals."
David Dungan, Director of Credit
Justin Brands, Inc. (A Berkshire Hathaway company)
Fort Worth, Texas
"The newsletter, coupled with the website and the ListServ, are to us,
more valuable than any other credit publication, bar none. I try to use at
least one article out of each newsletter for departmental
training/discussion sessions."
D. Mark Constantine
Corporate Credit Mgr
Fulton Paper Company
"I love Credit Today and read every issue cover to cover. For me, the
greatest perk of a subscription is ListServ. I believe Credit Today's
ListServ members may be the most knowledgeable Credit brain trust in
existence today. I have saved and categorized hundreds of contributions on
a wide variety of topics which I refer to often. It's an easy and cost
effective way to network and learn."
Doug M. Thomas
Kimberly-Clark Customer Financial Services
* Special Reports
* Tech Buyer's Guide
* Staff Benchmarking
* Book Store
* About Credit Today
* Most Popular
* Testimonials
* Your Account
* Member Benefits
* Mission Statement
* Sample Articles
* About our ListServ
* Forum Signup
* Submissions
* Tell a Friend
* Our Staff
* Contact
* Credit Calendar
* May 2023
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