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Kreller's Due Diligence Blog

Exposing Fraud during COVID-19
Wednesday, April 8, 2020

Exposing Fraud during COVID-19

It only took a few weeks for the first case of Covid-19 fraud related activity to reach our doorstep —

A client of ours was doing a routine background check on a potential supplier of medical equipment in the Middle East. Not only was the company not registered with no website or social media presence, but one of the principals provided is affiliated with a company in Germany that has already been suspected of being a fraudulent supplier of coronavirus medical equipment. Also, doctored snapshots were found on social media of this same principal utilizing a photo of a member of the Royal family in lieu of his own with multiple variations and aliases of his name.

During times like these, I am amazed at the dedication and tireless work ethic of our politicians, military personnel, first responders, business and community leaders who put their country ahead of their own self-preservation. Willing to go above and beyond any reasonable standard in order for us to get on the other side of this pandemic.

Scott Shaffer, Managing Director Scott Shaffer, Managing Director
Unfortunately, in my 25 years as a due diligence professional, I have also seen the other side of catastrophe. Enduring 9/11, dot.com bust, financial crisis, real estate meltdown, and now the Coronavirus, fraud does not stop; it actually increases. Criminals look for any opportunity to cast their net of corruption; often playing on the sentiments of those that would typically be overly cautious.

While we continue to navigate these challenging times, make sure to conduct the proper due diligence; dot your I’s; cross your T’s. With desperation comes opportunity for fraudulent players. Now more than ever, be diligent in adhering to your internal controls in relation to new suppliers, third party vendors, and existing relationships. Stay Safe.

Scott Shaffer, Managing Director

Kreller Group | 817 Main Street, Suite 300 | Cincinnati, Ohio 45202 Exposing Fraud during COVID-19

 





 
 

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