Checking and knowing the companies you work with means your own firm is less exposed to potential fraud risks, according to the latest instalment of the Counter Fraud Campaign 2019.

The email campaign, which includes free tips on fraud awareness and prevention, is being run by travel anti-fraud group Profit in conjunction with the Fraud Intelligence Network (Fin) and the City of London Police.

Part four covers the importance of checking out your business’ suppliers to identify any risks in the supply chain to protect against cyber and economic crime.


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The campaign warns: “No matter how good your systems are, if your supplier either commits a fraud against you, or they have a cyber weakness which by-passes your security to infect your systems then you will lose out.

“Being sure who you are doing business with should form the basis of all business relationships and be part of your due diligence procedures so that you reduce your own risk of being caught up in a fraud or other criminality and protect staff.”

The campaign urges travel businesses to check that supplier companies have no insolvency notices issued against them using the free tool and ensure a proper identification check list on the company.

This check should include making sure the company you are dealing with exists and that it exists for a legitimate purpose as well as making checks to confirm the identity of the company’s directors and shareholders, its name and address, the relationship of any subsidiary companies, its registration at UK Companies House and the origin and destination of cash flow.

Documentation such as VAT registration forms, tax returns, trade association documents, bank statements, and a certificate of incorporation could be used as proof of legitimacy.

The campaign also urges companies to keep a log of records of documentation seen and encourage suppliers to join you and obtain Domain-based Message Authentication, Reporting & Conformance (DMARC), an email authentication protocol to help companies protect themselves from “spoof” emails.

Part five of the campaign will cover what businesses should do if they uncover a fraud.


More: Travel firms warned to take steps to prevent employee fraud

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