In our last blog, we highlighted some of the dangers businesses face from fraudulent operators posing as legit companies, but whose real intention is just to rip you off.
So what can you do to avoid these risks? The answer is all about due diligence and knowing exactly who you are dealing with before you make a payment or sign a contract. Nowadays, formal ‘Know Your Customer’ or KYC background check services are available as byproducts of strict anti-fraud regulations in the financial industry.
But as useful as such services are, there are simple things every business can do directly for themselves to check out the credentials of any potential new client or supplier. Here are three simple steps to take to avoid being ripped off.