How may I safeguard my business from trade finance fraud?

This topic has 2 replies, 3 voices, and was last updated 2 years, 1 month ago by Aadhira ACC.

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May 27, 2022 at 11:03 am #639

Zaheer Abbas
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How may I safeguard my business from trade finance fraud?

May 28, 2022 at 9:44 am #1070

Farhana Begum
Participant

I believe that by remembering the following guidelines, you can safeguard your corporation when supplying trade credit. 1. Write the policy and financial papers precisely 2. Ensure that the specified terms in the preceding are constant so that the court does not apply constructions to the same terms in each document. 3. Keep in mind that brokerages should carefully examine financial information in transactions, particularly when establishing credit limits.

May 28, 2022 at 5:46 pm #1072

Aadhira ACC
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The following determiners should help you to safeguard your company from trade finance fraud 1. Application: Foreign agents may try to distort or ignore the identity of involved parties in the application process. 2. Suspicious Financial Statements: Financials are fabricated in order to boost working capital, sales, or receivables. 3. Pro forma Invoices: Queries for quotations or descriptions are created in order to acquire the letterhead or logo of a genuine supplier. 4. Commercial Invoices: Commercial bills are overvalued to make income for the creditor and hide the need for required down payment. 5. Bills of Lading: Exporters and shipping companies may modify or falsify bills of lading.
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