Trade finance industry body ITFA sets up fraud prevention working group
The International Trade and Forfaiting Association (ITFA), a global trade finance industry body, has set up a new fraud prevention working group to help tackle the growing risk of fraud in the industry.
ITFA launches fraud prevention working group
The newly created group is a part of the ITFA’s Fintech Committee and will comprise some of the largest global trade finance banks, with the intention to foster greater collaboration in the space. It will be co-chaired by representatives from the banking sector as well as from fraud detection and prevention firm MonetaGo.
The goals of the working group will be to raise awareness among its members about the risks of fraud in trade finance; create a taxonomy of fraud risk typologies; offer best practice guidelines for banks and financial institutions working in the sector; lead a cross-border double-financing prevention effort; and identify technology vendors to partner with.
“Fraud prevention requires industry-wide collaboration; this is the complexity that the Fintech Committee concentrates on,” explains André Casterman, chair of the IFTA’s Fintech Committee.
“Building on our flagship DNI Initiative and TFD Initiative, we are now applying our proven approach to drive collaboration amongst fintechs involved in helping banks prevent fraud. Here too, banks will be the ultimate beneficiaries of such an effort and are invited to join the new working group.”
The ITFA is based in Zurich, Switzerland, and has over 300 members across trade finance, credit and political risk insurance, export finance and other related industries.
