Business is waking up to crime threat
New figures show that the number of requests for ICC Commercial Crime Services investigations doubled last year.
this is a sign that businesses worldwide are becoming more alert to the threat
of commercial crime.
2001 figures are very positive," said CCS Director Pottengal Mukundan.
"They show that companies are now more willing to check the credentials of
potential trading partners as a matter of routine."
are beginning to realise that making due diligence checks is an essential part
of doing business."
Most of the
year's 8639 enquiries were from companies in the banking and shipping
year, CCS has noticed a significant increase in the number of enquiries
concerning spurious banks, particularly internet-based units that attempt to
attract new customers by claiming correspondent relationships with legitimate
financial institutions. Some even fooled investors into believing they offered
moneymaking schemes with yields of 2000 % a year.
of the suspect banks we investigated were registered in industry directories
and have links with legitimate financial institutions," said Jon Merrett,
Assistant-Director of ICC's Commercial Crime Bureau. "But, in many cases,
our investigations quickly revealed dubious activities, and we were able to
warn customers and investors away before any transaction had been made."
also showed that shipping-related businesses are getting more wary. Maritime
enquiries to CCS soared in 2001, dominated by requests for investigations into
the trading history of charterparties in shipping contracts; and by banks
wanting to check the authenticity of shipping documents such as bills of
to CCS, the surest way for businesses to protect themselves against the growing
threat of commercial crime is to search for danger signals before entering into
a deal with an unknown party, and to check information given in unfamiliar
documents or websites.
Mukundan said: "CCS has long believed that education and prevention
provides an effective and efficient option for anyone in commerce who wants to
avoid becoming a victim of crime. The new figures show that businesses are
starting to agree."
For further information, please contact
ICC COMMERCIAL CRIME SERVICES
Fighting commercial crime
+44 (0)20 7423 6960