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NINE TIPS TO SPOT BUSINESS CREDIT FRAUD
Course Overview
NINE TIPS TO SPOT BUSINESS CREDIT FRAUD
Nine Tips to Spot Business Credit Fraud
Historically, hard times have led to a rise in business credit fraud. Today,
with unemployment high and customers very stressed, the risk of fraud is as high
as ever.
Here are nine great tips to spot orders from questionable businesses.
1. A flux of credit reference requests from new suppliers: An influx of
reference requests soon after setting up a new customer account is a red
flag. Fraudsters often get a small credit line from one company, and then
immediately use it as a credit reference to apply in other companies. Beware
of these customers, even if you have not started doing business with them
already.
2. Falsified company name: When you see that the name of the company is either
too grand or too similar to some other established company, double-check to
ensure it exists with that exact name.
3. Inconsistent or incoherent buying habits: If the name or purpose of the
business is not consistent with the type or the volume of products ordered,
that is another red flag to watch out. In this case, try to find the reason
behind your customer buying the products in large quantities. Ask probing
questions and see if you can get provable answers.
4. Inability to verify source of capital: Another questionable behavior is when
the customer can not verify their source of capital. They do not want to
disclose the name of the bank they are borrowing from or, you can not find
any verification from the bank. It is highly critical. So, help the customer
understand and ask questions.
5. Unavailability of information from public sources: While it is possible that
the company information is unavailable because it is a small company, it is
always better to err on the side of caution. Try to find the reports from
all public sources and credit bureaus.
6. Inability to verify principal background(s): In the current scenario, you
would want to be very sure who are you doing business with. Do thorough
research on the principal background and verify all the information. If you
are not able to find anything, try to reach out and get the details from the
company.
7. Sudden ownership changes: If the ownership of the company keeps changing
hands, that is another thing to watch out. Try to find why that has happened
in the past.
8. Principal background not related to the business: If you find that the
principal has no experience in the industry or type of business they are
running, it is best to double-check if they can run things smoothly in these
troubled times.
9. Principals having a history of insolvencies or regulatory problems: Another
red flag to look out for is when the company or the principal has a history
of violating regulatory requirements. It is highly risky and could lead to
delayed payments or fines on both ends. So, watch out and ask if you get the
chance to meet the customer.
Robert S. Shultz · Founder, Quote to Cash Solution
Robert Shultz has had a thirty-year career as a global credit and financial
executive for large multinational companies. As a Founding Partner of Quote to
Cash Solutions (Q2C) LLC, he provides consulting services in all aspects of the
credit and collections process for companies of all sizes in a variety of
industries.
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