Panchkula, September 7: The financial instrument industry has constantly been facing challenges, especially from false 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, still unwanted events are on the rise.
According to the Chairman of Yield4Finance, Sanjeev Chadha, currently, there are no direct solutions for companies or banks from fraudsters trying to defame you over issues out of your control.
Ms Javela Macalalad, Vice President of Yield4Finance, 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.’
There are several issues in the trade, but one major problem is the lack of direct customer communication with the firms. The clients usually come in contact with unauthorized players 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 unauthorized players they indulge with.
The unauthorized players are spoiling the market globally, despite banks and other financial institutions trying to bring the best services to their clients. These elements 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.
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.
For the clients as well, it becomes difficult to figure out reliable trade finance firms in such a vast market mix of false and real SBLC providers. But few red flags can easily be figured out, like enticing by offering bank instruments at low prices. They promise to deliver clients with SBLC and bank guarantees of huge sums at very low prices. Another gimmick is to use doubtful 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.
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Vaishnavi Prakash
