Credit Fraud

Warning Signs

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We've listed some of the warning signs of fraud below. The most important is the country of origin.

  • Orders originating from or containing shipping or billing addresses in some countries, particularly Romania, Macedonia, and Belarus, have an extremely high incidence of fraud.
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Free Fraud Detection Resources

Article

One of the simplest ways to detect potential fraud is to confirm certain information provided on a credit application using easy, free resources on the Internet. As a commercial collection agency, we regularly get claims where this has not been done and we discover that the information provided was either misleading or outright fraud. In either case, it is...

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Info from Visa

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What is expected of a credit manager when a customer claims that he was a victim of identity theft, and the debt is not his?

 

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Identity Theft - Practical tips for credit professionals

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Every year, identity theft results in millions of dollars of reported losses for Canadians. This has serious implications for credit professionals when it comes to the collection, protection, usage and disposal of the information they gather on their customers. Whether your company accepts payment by credit card, by wire transfer, via e-commerce or by the ageless paper-based cheque method, you need to ensure that your department plays its part in having the necessary checks and balances in place.

 

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ELECTRONIC FUNDS Transfers and Fraud

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Electronic Funds Transfers (“EFTs”) are widely accepted as a method for organizations to transfer funds on a timely basis to suppliers, employees and other organizations. However, EFTs can pose an internal control weakness for many organizations. Employees can circumvent the built-in internal controls, if any, and defraud the organization of significant amounts of cash at one time or over a period of time. EFTs typically allow employees to withdraw organizational funds by way of an Online Banking Agreement (“OBA”) in which an employee may ...

 

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Deception of the Gift and Prepaid Credit Card

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What do you do about those not so great gifts, those gifts you didn’t get and really wanted? If you’re lucky you can return the gifts you don’t want and purchase what you really want! Or you may have received gift cards to buy whatever you want but it may not be from a retailer that you shop at.

Gift cards and pre-paid credit cards (credit cards with amounts already on them) have become more and more the option for giving, it’s simple and easy.  The popularity of gift cards has created a new portal for fraudsters to deceive you and relieve you of your hard earned money.

 

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Who Is Committing Fraud in Canada?

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A 2009 survey conducted by KPMG called: Profile of a Canadian Fraudster, revealed some interesting demographics on who commits fraud in Canada.

The survey polled senior executives such as CFOs and Vice-Presidents from across Canada and covered a wide range of industries, including Financial Services, Energy and Natural Resources, Consumer Markets, and Industrial Markets. One quarter of respondents had revenues of over CAD$1 billion, with another quarter having less than CAD$100 million in revenues.

 

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