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TTP (Trade Treasury Payments) and Sullivan recently jointly hosted a Breakfast Club session bringing together market participants to examine one of the most persistent challenges in trade and receivables finance: fraud.

Drawing on real cases, market data and first-hand experience, the session, titled "Fighting Fraud in Trade," explored whether fraud can ever be fully eliminated, or whether institutions should instead focus on practical strategies to mitigate risk and reduce exposure.

The discussion moved beyond headline issues to consider the realities within financial institutions, SMEs and supply chains. The panel examined how fraud typologies continue to evolve, and what has been done in some countries but not so much in the UK market to combat high levels of activity in areas such as duplicate financing, invoice re-ageing, and debtor collusion.

Particular attention was given to the broader economic environment, including how liquidity constraints and financial pressure can create conditions in which fraudulent behaviour may emerge as a response to stress rather than purely premeditated conduct.

The session also addressed practical steps that financial institutions can take to strengthen controls, enhance due diligence and better identify early warning signs across trade finance portfolios.

  • The seminar was introduced by Eleanor Hill, Treasury Editor, TTP.

The speakers included:

  • Geoffrey Wynne, Sullivan & Worcester (moderator)
  • Robert Parson, Partner, Sullivan
  • Neil Shonhard, CEO, MonetaGo
  • David Cuckney, Executive Director, ICC Crime Bureau
  • Antia Martinez, Associate Director, Receivables and SCF Europe, WTW