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Monday, 22 January 2018
Credit Fraud Warning!

One of our clients found out today that they are the victim of a fraud involving credit, for almost half a million rand.

We would like to take this opportunity to warn all credit grantors of this type of fraud and warn them to be vigilant. We warned of this crime here and Credit Guarantee in their November 2007 edition of their magazine Credit Notes, in fact warned against this fraud with a very similar example of what happened to one of their clients.

Modus Operandi of Credit Fraudster

  • You will receive a credit application, from a large, sometimes well known company with an excellent credit rating
  • The application appears for the most part legitimate down to an apparent signature by the necessary company official, official looking rubber stamps and tax certificates and financial statements
  • They then once the credit has been granted, they place a substantial first order
  • The order is to be collected

The Warning Signs

However there are some tell tale signs of irregularities and these include:

  • The credit application can be unsolicited, from a reputable company
  • Applications/orders faxed from unidentified machines
  • Cellphone numbers as the only contact details for the contact person (even check landline numbers given to ensure they are from the real company)
  • Large/first orders placed AND these to be collectedor delivered to a site, not their premises

Be Vigilant and double check

If you have any of the above signs in a credit application, be very wary. Do not rely on the telephone numbers given in the credit application, check out the companyís telephone contact details from legitimate sources and confirm the orders and applications.

Please donít be these fraudsters next victims!

 

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