Goa Times

Yield 4 Finance comes against scam and fraud in financial sector

Panchkula (Haryana) [India]: The financial instrument industry has constantly been a target of several fakes and scammers, especially the SBLC providers. Yield Group of Finance, a global cross-border finance company, shares the toughest part of being in this industry. Since a significant number of financial firms are offering bank instruments, fraud cases are rising at pace.

There are several issues in the trade finance sector, but one major problem leading to scams is the lack of direct customer communication with the firm. The clients usually come in contact with scammers instead of reliable company partners.

People tend to believe and easily fall for the misleading information given by fraudsters, lending them to problematic situations. In these circumstances, financial firms become the ultimate scapegoats as customers raise queries with the firm instead of the frauds they indulge with.

The fake sellers, payments for fake documents, and service providers are spoiling the market globally, despite banks and other financial institutions trying to bring the best services to their clients. The fraud actors claim to have connections with reliable cash flow providers, to have ease of access to a huge amount of money as legitimacy to draw in investors.

Another fraud is using the lack of understanding of victims in the finance industry. The scammers use it to brainwash people as they are not fully aware of it.

SBLC (Standby Letter of Credit) is a flexible financial tool for performing secure transactions and payments. It is generally issued by banks and institutions for their customers, serving as a transaction guarantee.

According to the Chairman of Yield4Finance, Sanjeev Chadha, currently, there are no direct solutions for companies or banks from such fraudsters trying to defame you over issues out of your control. Company Vice President Ms Javela Macalalad said that in such cases, we could only try to explain to the client or take our legal stand. Adding more to this, she said, ‘It is more important to focus on serving as many clients as possible to your best intentions and not think the factors you cannot control which can affect your servicing to any client.’

For the clients as well, it becomes difficult to figure out reliable trade finance firms in such a vast market mix of scammers and real SBLC providers. But few red flags can easily be figured out, like enticing by offering bank instruments at low prices. These tricksters promise to deliver clients with SBLC and bank guarantees of huge sums at very low prices. Another gimmick is to use fake email services with no authentic websites and zero visibility across various digital and traditional platforms.

Yield Group of Companies suggests that contacting financial firms directly is the best way to safeguard against such con tricks.

Related posts

Final stage of Union Budget 2021-22 commences with Halwa Ceremony

Goa Times

“DeFi” & “Trust Wallet” – Legal & Regulatory Concern in Crypto Space Globally?

Goa Times

Invesco India Focused 20 Equity Fund NFO collects over Rs. 602 crs

Goa Times

SBI Card gives customers added reason to celebrate with its festive offers for 2020

Goa Times

How long does it take to get a Credit Card?

Goa Times

Univest collaborates with Pratik Gandhi to conquer retail investor challenges

Goa Times

Leave a Comment