How to Verify a Company and Avoid Fraud

Business fraud has been increasing for the past five years since the big crisis of 2008 left a lot of people unemployed and broke. Small and large business and even individuals have had to look beyond their hometown and even their home countries to find jobs, business opportunities and attractive investments.  As individuals and companies look beyond borders for profits and ways to grow their business and increase their income, many are making deals with individuals and companies they’ve never met and never even heard of before.  Whether it’s a supplier in India, a manufacturer in Ghana, or a call center in the Philippines or Malaysia, or an investment in China, verification services are becoming extremely important to avoid fraud.

American investors and companies find it hard to determine if the companies in foreign countries are really who they claim to be, if they have been in business for as long as they claim, and if they are reliable and reputable.  Verifying companies and individuals in your own country can be difficult.  When it comes to subjects in other countries and other continents, where there is a different language and different culture, verifying a company and screening for fraud is not easy.

Making matters even more risky is the fact that many international business deals and investments start via the internet.  These relationships and communications are highly susceptible to fraud and manipulation.  Due to the increasing risk, it’s essential to verify and minimize your risk. Many clients are now relying on a professional international private investigator to verify all known data, check for filings and registration, investigate reputation and operations, and screen for fraud.

International investigators and law enforcement officials say business fraud and investment scams take hundreds of millions of dollars from victims every year in countries like the U.S., Canada, the U.K. and Australia.  In most cases, the victims failed to do their due diligence and decided to go it alone, hoping the deal would go through and choosing not to hire a professional.

Company verification services and investigation overseas is really hard to do if you are not a professional investigator or a experienced verification company. If you do not have access to government records and local information, with a team on the ground in the country where you need them, speaking the local language and verifying local facilities, offices, etc, it is nearly impossible.  International investigators not only have the personnel and the resources where you need them, but they also have the highly trained professional investigators who can properly verify a foreign company or individual, to protect you from fraud and financial loss.

All the best,

S. Birch

© 2013 S. Birch

How to Conduct An International Asset Search

Asset searches are a fundamental part in legal processes where investigators or attorneys or even spouses seek to uncover evidence on the assets of a company or individual.  In many cases, such assets or funds can even be held or hidden internationally.  Uncovering the evidence of such accounts can help attorneys and clients determine if it’s worthwhile proceeding with legal action on a subject.  If the person has no money, why sue?  If you’re going to do business with someone claiming to have the ability to pay thousands of dollars each month, shouldn’t you verify his or her assets?  Planning a purchase or sale to a foreign company and need to verify their accounts?  Asset searches and bank account searches are excellent tools to keep clients informed.

Each country is unique in its legal framework, bank privacy laws and access to information and databases.  Furthermore, each private investigation and law firm who claims to offer such services typically has different contacts, different levels of access, and different success or accuracy rates.  John Wallace of Wymoo® International says, “a great way to test a company on asset searches and bank records is to run a search on yourself, or a company or individual who you already know has specific accounts at specific banks.”  Wallace explains this may involve some additional expense but is a great way to test for accuracy and reveal the investigator’s ability.

 

There are international investigators  that can help conducting asset searches without court orders that are for information purposes only. Results often show the account names, account types, last reported balances, branch location, and other details.  Although they are unofficial records (not produced on a physical bank statement), attorneys and clients get the information they need, and if physical statements are requires, the attorney can always use the information to issue a court order on the bank or banks where the assets were found.  In addition, many individuals or small companies will admit to the said accounts when confronted with the information.

International asset search services are most accurate when searching bank accounts.  Property records are often recorded at the local or state level, so often investigators will request the specific area where the physical assets and property is to be searched.  Furthermore, investigators advise that all leads to the money trail, so bank records are still considered the best asset search service available for determine the financial status and bank accounts on a given subject.

All the best,

S. Birch

© 2013 S. Birch

Choosing An International Asset Search Company

Asset and bank records search is topic and tool of sensitive nature, and a service that is widely unknown by most individuals and companies.  When conducted properly, these assets searches provide very valuable information pertaining to the assets of an individual or company, and this information can be essential for decision makers, lawyers and managers.

As in most countries including the U.S. there are privacy laws in place that falsely make the people believe that their information cannot be accessed, and your information is prohibited from outside view.  The truth is, as many credit and government agencies and private investigators know, is that your information is out there and accessible for those with knowledge or access to the doors or data centers where the information is being kept.  In other words, with prudent, trained and professional investigators can conduct accurate international asset searches that include bank records or bank information.  Skeptics say official bank records cannot be obtained without a court order, but most clients don’t need “official” bank records, but they are rather seeking the information.

Legal and private investigation firms are on top of the list to conduct international asset search, but be sure to ask a lot of questions and ask for references to be sure you’re dealing with a trained professional with a proven track record.  Expert private investigators say one great way to test the capabilities of a private investigator and asset search service is to request a bank records search on  yourself.  If the investigator can report to you all your bank accounts and last reported balances, you know you’re dealing with a professional with financial contacts and resources.

Most law firms have a reliable private investigator to conduct asset searches, so if you can’t find a reliable company or investigator, you might try asking your attorney or other law firms who they recommend.  Wymoo® International is probably the most widely known investigation firm that conducts international asset searches, and many of the large law firms rely on such companies to obtain records on assets and bank accounts as part of their legal cases and court preparation.  Divorce cases, mergers, potential partners and buyouts, and endless situations call for a need to know if a subject, company or individual has assets, and there’s no doubt that obtaining this information is essential in decision making.  Each country has different privacy laws, different bank regulations, and different credit agency and government reporting.  It is critical to hire a firm with investigators on the ground in the countries where you need to conduct the search.  A New York local investigator won’t be able to search in Hong Kong without hiring a third party.  Ask your company if they have investigators on the ground where you need them.

All the best,

S. Birch

© 2013 S. Birch

Company Verification a Growing Tool to Avoid Fraud

Companies around the world lose millions of dollars each year as victims of internet fraud are growing in nearly every country where statistics are kept.  It is a growing problem and governments and law enforcement agencies seem unprepared and under budget to deal with the threat.  In many cases, police face jurisdictional problems as many criminals operate from other countries.

For CEOs and small business owners eager to succeed in today’s global market, it pays to go abroad.  Finding deals internationally can be quite lucrative, although it does carry higher risk.  It is very hard or impossible to notice the difference between a real company and a fake one, as internet scammers develop professional looking websites that can fool even the most skeptical business people. Even more, false companies are often even registered, so everything seems to check out for the average person attempting to do their due diligence. Company verification service is for those seeking to minimize their risk, and know for certain a company and deal is real.

In the past years, small American businesses, have been seriously threatened with business scams and many of them have gone bankrupt. Internet business fraud is a serious threat.  Doing business with a fraudulent supplier or business partner in China or India or elsewhere can lead to disaster and serious financial losses.  It’s essential to verify unknown companies and even new contacts from established companies.  In some cases, the company may be real and reputable, but the contact person is in no way employed or representing the company or firm.

Besides verifying websites and international businesses with the Better Business Bureau or their local chamber of commerce agency, a company verification investigation is a different level of verification for those serious about due diligence and minimizing risk.  The truth is, company verification is due diligence that should be part of the check list before engaging in a relationship with a foreign country.  This investigation should be conducted by professional investigators that have experience with due diligence and have operations in the country where you’re investing or starting your international operations with a new supplier or business partner.

For seasoned investigators with the proper tools, training and resources, it’s easy to determine if a company is legitimate, fake or involved in fraud, and the verification results should help you avoid the potential pitfalls.  Most international investigators recommend businesses looking to invest or expand in the international markets not to procrastinate and verify first, then decide.  

All the best,

S. Birch 
© 2013 S. Birch

 

Dubai Background Checks Help Avoid Dating Scams

Dubai is the synonymous with wealth and the contemporary Middle East, where Saudi millionaires and international investors are seen living the high life.  Fast cars and big money are common, and a low tax environment continues to attract the wealthy to this desert paradise.  Development and politicians and investors are all working together to make Dubai the biggest and the brightest.  But, there is a dark side to Dubai and the United Arab Emirates that many aren’t aware of.  Scams and fraud coming from this region are also growing, and targeting not only businessmen and investors interested to get a slice of this profitable pie, but also men and women looking for love.

Dubai private investigators warm internet dating site users to be aware of the rising threat in this region.  For women and men, it is an equal opportunity crime, and online dating and social network subscribers should be very skeptical of anyone claiming to be working or living in the UAE. Sure, there are many wealthy expats living in Dubai, but the growing risk for business fraud and romance scams means relationships and new contacts should be verified.  Ignoring the risk can be a costly learning mistake, so investigators urge caution and background checks.  Doing your due diligence in Dubai can save you thousands of dollars, and prevent some serious headaches.

Paraphrasing Tom Hanks’ unforgettable character Forest Gump’s historical phrase, scams “are like a box of chocolate, you never know what you’re gonna get”.  It is true, not all stories have a bitter and sad ending, and we all know many business people, individuals and companies have found success with new relationships in Dubai.  But, unfortunately it is less than the 5% of the cyberspace population’s fate. Each day, more and more people are under the radar of professional criminals that sooner or later will take their personal data or money, and the UAE is no exception.

Legal and illegal immigrants in the UAE are often apprehended by Dubai police in running scams and internet fraud.  Many of the criminals are not the wealthy Saudis, successful business people from the UK and US, but rather from developing countries like the Philippines, India and other poor countries in the Middle East.  They come to Dubai with hopes and dreams, and resort to internet crime and scams, trying to defraud the wealthy into giving to the poor any way they can.

To avoid this mess and lower your risk, investigators say that when in an online dating relationship the only way for certain too know you are safe is to contact a reputable private investigation firm for a confidential dating background check. For businesses, extra caution is also advised, and never send payment to any business person or company without doing your homework.  Also, never provide detailed information, such as bank accounts, without international due diligence. 

 

For those will to take on the risk, there are opportunities to be had in the United Arab Emirates. Just like jewelers look for the perfect diamond, hidden among the sand and dirt.

All the best,

S. Birch

© 2013 S. Birch