About fraud

WARNING PHRASES IN FINANCIAL DOCUMENTS

Be careful when you see the following words and phrases in financial documents. The deal could be a scam. In our previous issues we have described some warning phrases and words that are often used by scammers in correspondence with potential victims. Now we want to draw your attention to... More info >>>

HOW TO AVOID PROBLEMS WITH L/Cs

Things to remember when working with L/Cs. The recommendations below could help both exporters and importers to avoid problems when working with L/Cs. Try to avoid L/C transactions where documents required for presentation are extremely simple. Remember that simple documents can be easily forged. Too complicated documents should be avoided... More info >>>

SIMPLE AND EFFECTIVE SCAM METHOD

A simple way to steal money is by giving an attractive price offer.  The scam works as follows: scammers send product inquiries to different traders and producers. Once the victim is found, the fraudsters easily accept all the terms and conditions and soon a sales-purchase contract is made. Then... More info >>>

LATE CLAIM SCAM

”Your product was bad; we will not pay you anything!” These words can be heard at the end of this story. This type of scam is difficult to handle unless you make clear clauses about complaints in the sales-purchase contract. Let’s have a look at the following situation: You have made several... More info >>>

SCAM WITH PRODUCT DEMONSTRATION

If the seller shows you the product, there is no guarantee that the goods really belong to this company. This scam method is often used to obtain pre-payment for non-existing goods. Fraudsters send inquiries for a certain product to different manufacturers and trading companies. Once the supplier is found, they confirm... More info >>>

AFRICAN GUYS WITH NAMES OF RUSSIAN COMPANIES

Scammers from West Africa take the names of well-known Russian companies and steal money from Russian banks. Recently the Russian media published information about a new scam method that was used by West African criminals to steal money from Russian banks. The Association of Russian Banks has sent a warning to its... More info >>>

PAYMENTS TO A THIRD PARTY

Be careful when you are asked to transfer the payment to a third party. This technique is often used by small traders offering products from a manufacturer. Most likely, this type of company does not have solid capital or bank support and lives on commissions they receive from the... More info >>>

LEASING FRAUD

Scammers received a solid amount from a leasing company and vanished with the equipment. One company from an Eastern European country applied for leasing (lease-back) in one of the local leasing companies. The firm had purchased processing equipment from a company, located in another region of the country, for two... More info >>>

SAME SHIPMENT SOLD TO SEVERAL BUYERS

Scammers can offer the same consignment to different buyers and vanish with the money. In many industries it is normal to pre-pay 20-30% of the contract value upon order confirmation and transfer the remaining 70-80% some 7-10 days before ETA. Usually the buyer transfers the funds when he sees the... More info >>>

FAKE PRODUCER

A fraudulent trader can present you with a producer that does not exist. Below we describe an easy way to steal your pre-payment. The scam works well if the buyer and the seller are located very far apart from each other, on different continents and the buyer has limited opportunities to check... More info >>>

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