+44 (0)20 3745 4995 info@interchange-solutions.co.uk

We are delighted to have been asked to contribute to an article in Global Trade Review on the risks associated with conducting business during the Covid-19 pandemic.

As an EBA official explained to GTR, it’s important to remain vigilant in the face of unusual transactions between businesses at this time.

Interchange’s Founder, John Burbidge-King was asked for view on business risk at this time. John highlighted several key areas:

  1. The slowdown in international trade creates a desire to ‘push’ for the signoff of goods for export by customs officials. This may morph from an encouraging phone call into bribery payments.
  2. Counterfeit and substandard goods are being sold at inflated prices. These include Covid-19 test kits, masks, PPE and other related items. The overpricing of these goods is not criminal (albeit immoral) but the sale of faulty goods can result in businesses ending up in court.
  3. Highly desired goods could be promoted online, paid for and never received. This is a real concern for Europol.
  4. The sale of dangerous (or totally ineffective) pharmaceuticals is also a major issue.

These issues should be viewed against a landscape of increased cyber crime and hacking, creating considerable vulnerabilities for companies with staff members working from home.

To discuss a review of your business processes, give us a call. We’re always happy to chat here.