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Unchanged purchase order numbers and fraud indicators.(Required Reading)
When the second purchase order slid across the credit manager's desk, he scratched his head and started to wonder, "How come we've received two almost identical purchase orders from two supposedly different businesses within a month of each other?" Wonder quickly turned to worry, when the credit manager noted that the purchase orders from the two firms, BIG International Trading Co. and Happytime Candy & Tobacco Co., listed the same business address.
You should take a careful look at documents like purchase orders, particularly those received from start-up accounts. A duplicated form or document number could be the slip-up that puts an end to a fake firm's devious aims.
The first order came from Happytime Candy & Tobacco Company. On the top of the purchase order, an old logo appeared to bc scratched out and the candy company's name was scribbled in with a pen. This New York-based company wanted to place an opening order for $10,000 worth of hardware and tools.
While the order was being processed, a second order from a firm called BIG International Trading Co. arrived. A close examination of BIG's purchase order disclosed that its logo was the same size and would fit in the same location as the one that had been scratched out on Happytime's purchase order. The fact that both companies listed the same New York City address as their place of business was the clincher that something was wrong with these orders. Further checking uncovered that both companies had a number of suits filed against them for nonpayment.
Fortunately, not all con artists are criminal masterminds. Their carelessness can provide easy clues that enable alert credit managers to limit their company's credit losses. Therefore, check carefully all documents provided by an account. Take note of whether items are crossed out in the letterhead and whether handwritten changes have been made to the document.
For example, in one case, the Asset Protection Group identified two North Carolina companies that appeared to be connected, but sent out ...
- ZAP Issues One Billion Dollar Purchase Order to DaimlerChrysler Group for Smart...
- Press release article from: Business Wire May 24, 2005 700+ words
...it placed a purchase order for $1 billion...in advance purchase orders for the Smart...placed the purchase order directly to...fulfill the purchase order. ZAP has not...all Smart Car purchase orders at this time...
- Winland Electronics Receives Purchase Orders Worth Over $4.2 Million; Select...
- Press release article from: PR Newswire December 4, 2001 700+ words
...today that it has received a purchase order valued in excess of $4 million...Select Comfort Corporation . The purchase order renews Winland's arrangement...addition, the company received purchase orders and commitments totaling just...
- Making better use of EDI purchase orders. (electronic data interchange)
- Magazine article from: Healthcare Financial Management Moynihan, James J. July 1, 1997 700+ words
...electronic purchase order. The first electronic purchase orders used by hospitals...impact on purchase order volume because purchase orders are generated...where total purchase order volume climbed...25,000 purchase orders in 1993 to...
- Patent No. 7,577,587 Issued on Aug. 18, Assigned to SAP for Electronic Purchase...
- News wire article from: US Fed News Service, Including US State News August 18, 2009 700+ words
...The present invention provides a method and system for generating electronic purchase orders and purchase order responses. Purchase orders and purchase order responses may be automatically filled in using business data stored by the purchaser...
- Broadband Learning Corporation Receives First Purchase Order on 3-Year Program...
- Press release article from: Business Wire March 21, 2006 700+ words
...pleased to announce it has received its first purchase order under a three year program with a major U...which 100 sites are covered by the initial purchase order. Further purchase orders are expected as approvals are received from...
- New Paperless Purchase Order Moves Dell Customer Premier Page Service a Step...
- Press release article from: Business Wire June 16, 1998 700+ words
...new paperless purchase order system, designed...Subsequently, all purchase orders can be submitted...the paperless purchase order system, it was...hard copy of the purchase order. Activating paperless purchase orders eliminates that...
- Hop-on Brings Back the Disposable Cell Phone With a 10,000 European Purchase...
- Press release article from: PR Newswire April 10, 2008 700+ words
...an initial test purchase order of 10,000 phones...The initial test purchase order with multiple purchase orders behind it is a...The initial purchase order of 10,000 phones...confident that purchase orders will begin pouring...
- MIP Adds Encumbrance and Purchase Order Modules to Its Nonprofit Series...
- Press release article from: Business Wire May 4, 1999 700+ words
...liquidation of purchase orders and encumbrances. The Purchase Order module provides simple creation of purchase orders and integration...entry for each purchase order; --Liquidate...complete or partial purchase orders and encumbrances...
Source: HighBeam Research, Unchanged purchase order numbers and fraud indicators.(Required...