The coverage of the tragedy and those responsible for the bombing at the Boston Marathon grabbed the bulk of public attention for the last week, and rightfully so. As life returns to some semblance of normalcy for most of the country, however, the impact of such events will continue to be felt by business for quite some.
NACM Economist Chris Kuehl, PhD predicted that, for business, the incident will change everything from product shipments to relationships with foreign business contacts in regions often associated with terrorist activity. “There will be more screening and security of shipments. A lot more attention is already being paid to our shipping clients,” said Kuehl, who will talk about the impact of crime and terrorism on the global economy at Credit Congress next month.
Such events also speak to the importance of why credit professionals need to be prepared to defend one’s company against fraud attempts. While corporate credit fraud is difficult to tie directly to terrorism, Kuehl said that related groups use many of the same fraud and money laundering techniques as more traditional, U.S.-based crime outfits, and businesses still get hit with the consequences.
- Brian Shappell, CBA, NACM staff writer
For the extended version of this story including additional analysis from Kuehl and Gary Bares, of Verifraud and APG, check out this week's edition of eNews, available late Thursday afternoon.