About fraud

IMPORT: RULES FOR SAFE BUSINESS

These 10 rules will help importers to avoid mistakes and to not become the victim of a fraudulent company. As a professional in your industry you are expected to always be updated about the current market price of the product you are buying. When your new partner is offering you a price 30-50 %... More info >>>

EXPORT: RULES FOR SAFE BUSINESS

In most cases, the main danger for the exporter is to not be paid in full for the goods supplied. These ten rules will help exporters to avoid mistakes and not become victims of a fraudulent company. Very simple rule: never ever ship any goods without having secured the payment.... More info >>>

LETTER OF CREDIT FRAUD: FAKE DOCUMENTS

A fraudulent exporter can obtain your money by using fake shipping documents. A common L/C scam: a fraudulent seller sends fake shipping documents to the opening or advising bank to prove that the goods were shipped. In fact, the goods never left the sellers warehouse or, more likely, never existed at... More info >>>

PREPAYMENT: PROTECT YOURSELF

А simple way for the importer to be protected when making prepayment. Very often importers are asked to make prepayment for the goods, either in full or part. In most of the cases the buyers are very sceptical about it, as they are not sure if they will receive the goods as stated... More info >>>

INVITATION SCAM

This is a typical scam, used for illegal immigration to the developed countries. An Export Company A receives a quotation request from Company B (located, for example, in Africa or Asia). Company A sends the quotation and the negotiations starts. After a short time Company B accepts the terms and... More info >>>

INTEREST-FREE LOAN: YOUR PREPAYMENT

Interest-free loan? Impossible? Not at all! It is called prepayment. Many exporters ask for full or partial prepayment for their goods. Often it is the only payment method they accept. This fact alone can be a sign that there might be something wrong with the company. Nevertheless, the importer did... More info >>>

CLOTHES COUNT FOR FIRST IMPRESSIONS

In many countries the appearance of a business partner is very important, especially when trade is just about to begin. Needless to say, that if your partner arrives to the meeting in an expensive car, wearing a designer suit and 50 thousand dollar watch, your first impression will most likely be very... More info >>>

WORKING WITH BANK GUARANTEES: SOME RULES TO REMEMBER

Some rules to remember when working with L/C. A sample of an L/C, which has all the chances not to be opened, can be found below. There are a lot of things the seller should be aware of when accepting a bank guarantee or L/C as payment for the goods.... More info >>>

INVOICE FROM A DIFFERENT COMPANY: WHAT TO BE AWARE OF

Sometimes importers are facing the following situation: the deal is discussed with one company but the invoice and other documents are coming from another firm, which is independent from the first one and can even be located in another country. We have seen situations where the negotiations are carried out... More info >>>

PRODUCTION UNDER PRIVATE LABEL OR TO ORDER: THINGS TO REMEMBER

How to avoid problems when producing under a buyers’ private label and according to a given specification. Scammers place a large order with a manufacturer and ask him to produce on their specifications. They require a special packaging with a certain brand and demand the specifications, different from the standards in the... More info >>>

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