CreditorWatch Insolvency Monitoring and Alerts Onboarding
3 mins read

How to manage the risk of business fraud

Any legitimate business should be keen to partner with those they can trust, who manage their capital responsibly, and who won’t be tied to any kind of illegal activities.

If you were to engage with a fraudulent business – unknowingly or otherwise – you put your own company at risk and can create a reputation as an unreliable entity. Failing to perform due diligence before entering business relationships could affect future prospects, hurt your growth potential, and even put you at risk of insolvency.

To avoid all of this, there are plenty of measures you can take to keep your business safe and thriving. Reduce your chances of bankruptcy by implementing a steadfast strategy to keep fraudulent entities at bay.

Once your fraud management is up to scratch, you’ll be free to focus your energy on what matters most – your loyal customers.

Streamline customer onboarding with ApplyEasy

CreditorWatch’s online credit application platform, ApplyEasy, helps you streamline the customer journey, creating a seamless customer onboarding experience. It performs automatic credit checks and trade reference checks, while instantly verifying entity information, ensuring you always know exactly who you’re taking on as a new customer, preventing fraud risks upfront.

ApplyEasy helps you gain confidence in your fraud prevention measures, reducing stress for your team so they can be more attentive to customers.

However, there’s also the risk of customers engaging in fraudulent activity after you’ve onboarded them. CreditorWatch’s 24/7 monitoring service continuously and automatically monitors your trading partners and alerts you in real-time if anything changes, helping you stay vigilant over the people you work with.

Perform due diligence to avoid fraud

CreditorWatch’s Know Your Customer (KYC) procedures reduce your risk of exposure to fraud. Our Anti-Money Laundering (AML) reports allow you to comply with AUSTRAC’s AML/CTF legislation, while protecting you from criminal risks. These include politically exposed person (PEP) checks, sanction checks, adverse media checks, verification of identity (VOI) checks and document verification services (DVS). These help to detect, deter and disrupt fraudulent activities like bribery, corruption, identity theft, tax evasion and more. 

Meanwhile, our Ultimate Beneficial Owner’s (UBO) report identifies the beneficial owner of a business. This is someone who owns or controls a quarter or more of a company – either directly or indirectly. Multiple people can be beneficial owners of a company, which increases your risk exposure if any of these individuals are unreliable. Fortunately, CreditorWatch helps you to identify beneficial owners in one click. You can avoid the difficult process of reading lengthy ASIC reports and manually calculating ownership percentages of entities with complex structures. These UBO reports increase transparency, allowing you to understand and investigate all stakeholders in a company.

Comprehensive reporting and additional searches

CreditorWatch’s industry-leading credit reports provide trusted results to find any red flags against your debtors, including cross-directorships, bankruptcies, payment defaults, court actions and illegal phoenix activity.

Since CreditorWatch was acquired in 2017 by InfoTrack, an Australian powerhouse search provider and SaaS technology innovator, we have made access to their resources even easier. Our customers can access more than 4,500 additional searches and services straight from their dashboard. Not only can you generate a company report based on an ASIC company search, you can also conduct civil litigation searches and police checks to investigate an entity’s involvement in illegal activity.

With all of these tools, CreditorWatch customers can be confident of their fraud management capabilities and make smarter decisions to protect their business.

CreditorWatch helps with fraud detection and prevention

CreditorWatch helps Australian businesses improve credit risk management and reduce fraud risks. We have experience dealing with the best and worst cases of fraudulent activity and know how to detect a bad egg from the very start. Our digital credit tools can be relied upon to remove the risk in your business transactions – just ask the thousands of businesses who have benefitted with us. Get in touch today for a free demo.

duediligence monitoringandalerts
Communications & Marketing Coordinator
Bridget joined CreditorWatch as Coordinator of Communications and Marketing in June 2021. She is passionate about developing and communicating content that assists businesses of all sizes to be supported and protected to grow.
14-Day Free Trial

Get started with CreditorWatch today

Take your credit management to the next level with a 14-day free trial.

You might also like

Unemployment copy
Chief EconomistCreditorWatch

Labour market keeps pace with population growth

Media Release: Business Risk Index
Business conditionsBusiness Insights

External administrations surge to record high; construction sector dominates ATO tax debt defaults

Hey, Wait…

Subscribe to our newsletter

You’ll never miss our latest news, webinars, podcasts, etc. Our newsletter is sent out regularly, so don’t miss out.