June 13, 2023

CTRM Centre

New data shows insider threats on the rise for global corporations

When the topic is fraud and financial crime, trade finance companies are certainly on high alert. Every transaction made in this multi-trillion-dollar ecosystem must be checked for sanction lists for countries as well as corporations. Documents need scouring for authenticity, payments need to be secured, and receivables reconciled at a scale arguably not seen in any other business. The exposure is so great that the International Chamber of Commerce (ICC) speculates that if even 1% of the $5 trillion trade financing market is vulnerable to fraud, and 10% of the transactions within it are affected, the annual losses can amount to around $5 billion.

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