Global and international directors know what a struggle it is with expansion and business development while trying to make sure all the risks of getting involved in new business are taken care of. International businesses have never been easy, and although countries work hard to simplify procedures and paperwork, fraudsters also work hard to get their hands in your pockets and your data. As business continues to grow between many different countries around the world, international private investigator firms see how companies are becoming more of a target for criminals.

Crime networks have become more complex around the world. For companies, it is important to determine if the methods and tools used to detect and prevent threats are being as effective or comprehensive as the company needs, especially considering that the techniques used by criminals continue to evolve. Instead of waiting for the next attack, proactively addressing emerging fraud threats can dramatically reduce the number of fraudulent transactions and mitigate losses.

In this context, where should companies focus their efforts? The investigation team at Wymoo International has identified two very serious rising threats that could hit your business.

Impersonation Fraud

This is one of the simplest yet effective methods of deceit used in the corporate level currently. Online criminals gain access to a company’s CEO email account (it can also be a CFO or someone with a high rank within the company). Once they are in control of the boss’s email they will email an employee who has access to funds, asking to immediately transfer money for an urgent payment or else the operation of the company will be seriously affected. In the face of the urgency and the fear of being responsible for stopping the operation of the company, the employees act immediately with the instructions provided by the criminal. By the time the employee finds out the email was not coming from the CEO, the scammers have already withdrawn the funds or have transferred the money.

According to the IC3, only in the second half of 2016 the reported losses to this type of fraud added up to almost $800 million USD, and it continues to grow and threaten companies worldwide.

Identity Theft

Cases of impersonators do not only happen in the digital world. Investigators have seen several cases of job candidates that have completely stolen someone else’s identity. The impostors present themselves with all kinds of real documents, from a CV to school certificates. The resume and all the information contained in it is real, however it belongs to someone else. Forged passports and IDs have been identified in these cases. Fortunately, the cases described above were stopped before there was any hiring. More companies are hiring candidates from other countries or with international work experience.  Hiring overseas in India?  Managers have repeatedly learned that you can hire the perfect candidate on paper, and be sent a totally different person than interviewed!

The best way to verify a job applicant is to hire a professional and thorough employment screening. Do not skimp on knowing everything possible – having the correct information can save you from disaster.

Protect Your Brand and Franchise

You have worked hard to build your business to the point where you can sell your brand name and franchise.  When expanding internationally, there is significant opportunity, but also serious risk!  Take the time to speak with a professional about how to properly verify your franchisee applicants.  If you find that you have investigation needs that extend beyond the U.S. borders, reach out to our international private investigation firm to assist you with mitigating your risks.

C. Wright
© 2017 Wymoo International

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