ICC UK Introduces Initiative To Cope Duplicate Finance Fraud

in #ukfinancelast year

Recently, the ICC United Kingdom has reported launching a new drive to enhance the UK finance industry against the adverse effects of duplicate financing fraud.

The Centre for Digital Trade and Innovation (C4DTI)operated initiative will use ICC United Kingdom’s convening abilities to convey this leading project under the C4DTI’s “Shutting Fraudsters out of Trade” workstream in association with MonetaGo.

Duplicate Financing is defined as a fraudulent act where fraudsters avail multiple funds for the same transaction several times. In the present scenario, a fraudster can visit various banks and get the same transaction financed, without letting the other banks know or having them cross-check with the same.

Guidelines related to confidentiality inhibit the banks from disclosing or sharing information on deals they have financed with other banks, creating a hopeless situation that fraudsters take advantage of to get funds for the same transaction multiple times.

Read more: https://www.emeriobanque.com/news/icc-uk-introduces-initiative-to-cope-duplicate-finance

ICC UK Introduces Initiative To Cope Duplicate Finance Fraud.jpeg

Coin Marketplace

STEEM 0.19
TRX 0.13
JST 0.028
BTC 66081.13
ETH 3315.51
USDT 1.00
SBD 2.69