International trade opens up many opportunities, but it also comes with risks, especially the threat of fraud. As businesses expand their reach globally, they need to be aware of the various types of fraud and take steps to protect themselves. This article provides insights and practical tips to help businesses avoid fraud in international trade and safeguard their operations.
Key Takeaways
Build trust with international partners by leveraging existing relationships and verifying financial stability.
Use technology like encryption services and regular email server audits to protect transactions.
Implement internal risk management policies, including clear procedures and dual control for financial activities.
Respond quickly to international payment fraud by contacting authorities and using fraud recovery tools.
Prevent export fraud by conducting due diligence, using secure payment methods, and building long-term relationships.
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