Now is the time to invest in trade fraud prevention
By Jesse Chenard, CEO at fintech MonetaGo, looks at why the risk of trade fraud is higher than ever and analyses how the landscape is changing. Jesse outlines the reasons why trade fraud thrives in even the most prosperous of industries and discusses how technology could provide the solution.
The recent scandals in Singapore were just some of the many cases last year where fraud could have been mitigated if governments and financial institutions worked together to implement better trade fraud prevention practices.
As economies across the world begin to recover from the pandemic, we will see a flurry of activity in trade across the globe. While the economic benefits of this are inarguable, another direct consequence of an uptick in activity is an increase in trade fraud.
This correlation has stood true for as long as trade has been carried out and is an almost inevitable by-product of the benefits increased trading activity will bring.