“I’ve just got a great prospect. A
firm of architects are looking for £15,000 worth of laptops, they
want to go ahead immediately,” my colleague said.
“Hold it,” I said, “Where did they get our
details from?”
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After being told that “they found us on
Google,” I reliably informed my sales executive it was a fraud
deal. One minute later, I had checked the web site domain name to
find it had been registered two weeks previous. Much of ‘knowing
your customer’ is very obvious:
• Why would a lessee pick a leasing company
300 miles away when using Google?
• “John Brown”, the customer, has a foreign
accent and cannot remember his middle name.
• 15 laptops for a company employing 12
people.
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By GlobalData• A website registered two weeks ago.
• Spelling mistakes in the website or in the
accounts.
• Good financial accounts, but not
amazing.
• And my favourite one is when “John” even
answers the phone when you ring back!
Banks now put mixed emphasis on “knowing your
customer”. They ask for copies of passports, utility bills, carry
out site visits, authority to sign letters, and even take pictures
of the equipment on lease.
Insurance companies are allowed to exchange
information with each other, which lessors cannot do due to data
protection issues. There must be some way of getting around this.
As far as I am aware, there is no standard approach to tacking this
issue.
Jeremy
Hall is founder of Wyse Leasing and CEO of WestWon
Capital
