Centry Quick Check Program for Corporate Due Diligence

New technology has revolutionized corporate investigations and changed the way we go about them. There’s greater efficiency, new insights, and broader reach. However, the downside is that this technology can lull both investigators and clients into a false sense of security.

Computers can provide us with information, but people are still better at evaluating data within context, such as identifying how useful the information is and what it is relevant to. In short, technology can’t yet replicate human analysis – and yet we continue to see a growing dependence upon it for exactly that.

The Value of Professional Investigators in Corporate Due Diligence

In countries where there are robust public records, this dependence on automated scanning and investigative tech is particularly evident. Although investors and corporations still recognize the value of actual investigators in challenging regions across the globe where the public records may not be so accessible or accurate, when it comes to investing in due diligence insidethe US and Canada for example, companies are increasingly drawn by the promise of these low-level automated scans.

However, it’s important to consider that these types of surface level scans will not and cannot encompass a breadth of understanding of an investigated subject. Software driven data harvests conducted without the analytical power of the human mind could expose businesses to risks they may be unaware of, including things like reputational risk, fraud, money laundering, and more.

Most of these automated scans lack coverage on the target in media, whether that’s on social platforms or journalistic content. This surface level research cannot hope to provide a clear and accurate picture of a subject, and it certainly would not appease judicial officials if something were to go wrong.

For example, single-location local records checks cannot account for whether a person has moved cities. It would also not pick up any information about whether or not the subject faced allegations of criminal activity, which is something that can be identified through doing a media assessment. Furthermore, media research can also illustrate any extreme political views or subjects that an investor or company might not want to be associated with.

The professional experience of a professional who has done hundreds, if not thousands of due diligence investigations is something that is highly valuable. They are more likely to be able to provide context around findings that may initially seem adverse, such as whether or not a particular practice is typical for a particular industry or they might pick up contextual clues that could uncover a previously overlooked detail.

Companies seeking to save a dime by purchasing an automated scan with no human inference could be unknowingly setting themselves up for a huge risk in the future.

Our Answer: Investigator Driven Quick Checks for Individuals and Companies

Propelled by increased regulatory concerns among corporate entities and a more competitive environment amid the offers of automated checks, Centry Global has formulated an answer to the question of how to marry meaningful analysis to efficiency in due diligence investigations with our Quick Check (QC) program.

What to Expect from a Centry QC

The QC program combines an identity review, sanctions screening, compliance check, and media research into a single, well-organized background check package on either individuals or companies with a turnaround time of 5-7 business days.

Quick Check of a Company

  • Identity Review
    • Key financial figures
    • Risk Level
    • Beneficial Owners and Senior Management
  • Compliance Review
    • Sanctions and Watchlists Screening
  • Social/Adverse Media Review
  • Analysis and/or Recommendations

Quick Check of an Individual

  • Identity Review
    • Shareholdings and Directorships
  • Compliance Review
    • Sanctions and Watchlists Screening
    • Politically Exposed Persons Screening
    • Litigations Check
  • Social/Adverse Media Review
  • Analysis and/or Recommendations

For more information on these Quick Checks, please feel free to contact us at info@centry.global or on our LinkedIn, Facebook and Twitter pages!

A Millennial’s Guide to Avoiding Romance Scams

As online dating has started to gain traction as a means of finding your match, so too has the threat of being scammed in romance fraud.

We often hear about these stories where an elderly person was manipulated by a con artist into giving away their life savings, or a predator has been grooming an adolescent to take advantage of them. Many of us millennials and gen z have a false sense of immunity to these scams because we have grown up with the internet and online dating. We might think that we already know all the signs, or that it might be less likely to happen because these dating platforms have established trust in the consumer base.

And yet, romance-based scams account for some of the highest dollar losses per year in the category of mass marketing frauds. It is one of the least reported types of fraud despite its proliferation across the internet, and it can target people of all ages.

Usually these types of situations have a few common themes:

  • They ask you early on to move communication off the dating platform. Moving away from the online dating site messaging services means that the interaction can be harder to track. Usually they will ask to communicate by email or text messages instead.
  • The relationship moves very fast. If after just a few contacts, they are expressing their profound love or feelings of deep friendship for you, it’s time to be suspicious. This is a tactic to try to manipulate vulnerable people into trusting the con artist, so that they can be more easily scammed.
  • Yet they will not meet you in person or talk on the phone/video chat. Even though they could be professing deep feelings for you, they are somehow evasive when it comes to the topic of meeting in person, or they have all these excuses about why they can’t speak on the phone or video chat. This factor alone is huge– when romance is real, you want to be together and you want to see each other. So even if on the off chance that they are not scamming you and don’t want to meet, they still may be hiding a big secret.
  • They want you to send them money. This is usually not something that happens immediately. It takes time and grooming for the con artist to build trust with their target. At that point, they may come out with an elaborate story about how they need financial help to get out of a problematic situation. Common stories of this nature include being stuck traveling and needing help with airline tickets, requiring assistance with medical bills, or having a family member in a life or death situation. These stories are engineered to prey upon your need to help those that you care about. If the victim agrees to pay even just once, there will most likely be more requests in the future to cover other fictitious expenses.

You should never agree to send money to someone that you don’t know. Besides the potential of opening up a figurative drain, you could be unknowingly helping the scammer in something shady. Especially if they ask you to move money or goods on their behalf.

If you feel like something about the person’s profile doesn’t quite add up, you can reverse image search the photo by right-clicking it on the website and selecting the ‘Search Google for image’ option. This will show you if the profile picture has been uploaded anywhere else, which could show if it was taken from someone else or a stock photo. This also works on mobile if you access the photo through the Chrome browser app, hold your finger down on the photo until a pop-up menu appears, and then you can select the option to search google as usual.

One more thing to consider is avoiding sending intimate photos of yourself or providing sensitive details about your personal life that could be used against you. Scammers have been known to hold individuals hostage in these relationships by threatening to blackmail them with information they had voluntarily provided.

If, over the course of reading this article, you have found yourself recognizing red flags in a situation you or someone you know are involved in, know that you can reach out to us to help. Visit our website https://www.datecheckonline.com/ for more information on our identity verification investigations and to get in contact with us so that we can help you.

This article was written by Kristina Weber, Content Manager of Centry Global. For more content like this, be sure to subscribe to Centry Blog and follow us on Twitter @CentryGlobal and @DateCheckOnline.

Security Predictions for 2019

The predictions for 2018 that we shared last year seemed to land on the points of data protection and cyber security, while it strayed from others – most notably on the front of cryptocurrencies. BitCoin was a hot topic in 2017, surging to values that had people everywhere kicking themselves for not investing sooner. What unfolded after was an epidemic of articles predicting a global acceptance of cryptocurrencies. That balloon popped when the cryptocurrency market crashed in early 2018, and it seems that many have quietly reneged their cryptocurrency hype since.

Continuing the tradition, here are a few insights into the forecast for 2019:

Supply Chain Attacks. While these threats can occur in every sector of the economy as it pertains to supply chains, the industries that most commonly experience these attacks include pharmaceuticals, biotechnology, hospitality, entertainment, and media. Manufacturing operations are attractive targets to adversaries, due in part to having such a broad potential surface of attack. With increasing reliance on the supply chain, there is a wealth of information that could be obtained if organizations have not taken appropriate steps to secure themselves. For more information on cyber security in the supply chain, read our article here.

Further development of consumer privacy laws. Last year we saw the launch of the European Union’s GDPR, which marked the first big regulatory move toward protecting consumer information. Soon after, California passed a bill (Consumer Privacy Act of 2018) that seems to be the state’s version of GDPR – it is slated to go into effect at the end of 2019. A draft for a federal privacy bill for the United States may arrive early in 2019 after concerns over a number of privacy breaches.

Continuing adoption of artificial intelligence across wider society. From Alexa to politics, AI will continue to spread across industries and uses. Chinese companies have announced intentions to develop AI processing chips to avoid reliance on US-manufactured Intel and Nvidia. There is rising concern that AI technology could be increasingly used by authoritarian regimes for the purpose of restricting personal freedoms. As AI continues to spread its proverbial wings, we could see a move toward “transparent AI”, that is, an effort to gain consumer trust in the use of AI by being clear in how it uses human data and why. Of course there is always the worry that the rise of AI will create a jobless future for people, however Gartner suggests the opposite, that artificial intelligence will create more jobs than it will eliminate.

Big data breaches will push companies to tighten login security. We might see a concerted effort of the security industry to replace username/passwords altogether, pushing toward an alternative solution as an industry standard. Biometrics – for example facial recognition or fingerprint logins – are certainly on the rise.

Digital skimming will become more prevalent. The trick of card skimming has moved to the digital world, where attackers are going after websites that process payments. The growth of online shopping has made checkout pages attractive targets. British Airways and Ticketmaster were two high profile cases of this. The British Airways case was particularly alarming, as airlines in general have access to a wide breadth of information ranging from birthdates, passport details, payment information and more. Although the airline was able to confirm that no travel data was stolen in the attack, it nonetheless remains as a cautionary tale.

This article was written by Kristina Weber. For more content like this, be sure to subscribe to Centry Blog for bi-weekly articles related to the security industry. Follow us on Twitter @CentryLTD and @CentryCyber!