Policy & Compliance
Short fi rm fraud crimes are always for large amounts of credit, so it is worth carrying out extra checks. Falling victim to short fi rm fraud will be very costly Three simple tips to avoid short fi rm fraud
C ases of short fi rm fraud (SFF) are all too common in the freight forwarding industry. It is the crime where services are obtained, and never paid for, by fraudsters who have submitted bogus accounts to Companies House (CH) generating arti fi cially high credit ratings. This leads suppliers to believe that their new customer is a good prospect when, in reality, it is just going to rip them off, often for considerable sums. BIFA recommends that when you receive a new application for credit there are three simple things you can do, in addition to looking to see what your chosen credit reference agency recommends, to try to ascertain whether you are being targeted by a SFF operation. 1 Go to the CH website and look at the filing history of the applicant company to see how quickly the last set of accounts was filed after the year end date (fraudsters quite often file accounts in ridiculously short timeframes, which should give cause for suspicion) and how many sets of accounts have
been filed in quick succession (fraudsters often file up to five sets in a number of days). 2 Have a look at the last filed accounts, and any recently filed ones, to see if they look implausibly good. Huge and sudden increases in value should be a cause for suspicion. 3 If you have any doubts about the application, seek a second opinion from either your accountant, your solicitor or a credit expert, any of which worth their salt should be able to spot SFF. Do not be embarrassed about asking someone else to cast their eyes over the matter. SFF applications are always for large amounts of credit so, alongside carrying out your normal checks, it is worth implementing the above because falling victim to it will be very costly. BIFA would like to thank James Campbell, managing director, Prodebt Ltd – www.prodebt.org – for information contained in this article.
candidly about confidence, resilience and belonging.
Rachel offered powerful advice to women considering the industry: “Own your space, own your brand, know that you belong there.” While Veronika added: “Don’t be scared to ask questions, that’s the best way to learn.” Human-led stories For BIFA TV, these human-led stories sit alongside regular policy updates, compliance guidance, event coverage and monthly messages from Director General Steve Parker. The YouTube channel @BIFA_TV continues to provide fresh content five days a week, serving both Members and the wider logistics community. Reflecting on the importance of telling these stories, Dawn White, Head of Digital Communications and Events, said: “Stories like these are essential for our industry. By highlighting the journeys and achievements of women in freight forwarding, we not only celebrate their success but inspire others to see what’s possible.” This International Women’s Day, we invite you to watch the full feature on BIFA TV, available from 4 March. Join us in celebrating the talent, ambition and leadership shaping the future of freight forwarding.
“ By highlighting the journeys and achievements of women in freight forwarding, we not only celebrate their success but inspire others to see what’s possible – Dawn White, BIFA
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