Charles C. Fawcett IV, a financial professional with decades of experience in the field, is passionate about fraud prevention. Banking and finance leaders like Charles C. Fawcett IV need to be aware of the many ways in which people can defraud a bank. One form of fraud is the offer of false letters of credit and bank guarantees, or fraudulent documentation of shipment. Legitimate letters of credit are provided by banks for international trade, ensuring payment for goods. They require documentation of shipment for the goods. The fraud can involve either a complete failure to ship or the shipment of inferior items. Banks suspecting false or spurious documentation for letters of credit should take steps to ascertain the true nature of their potential partners. Any banking professional working with letters of credit should independently verify the information provided by another party. Individuals can also be victimized by those who solicit investment in letters of credit or bank guarantees. These offers can often be spotted by their unrealistic interest rates or promised returns.
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AuthorFor more than two decades, business expert Charles C. Fawcett IV has enjoyed an outstanding level of success in finance, sales, and product development. Archives
February 2018
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