About fraud

NAME AND ACCOUNT NUMBER CHANGE

A fraudulent trader can change the company name and account number in the invoice and pocket the money. A manufacturer is contacted by a local trading company that claims to have excellent contacts on a certain overseas market. The trader wants to offer company’s products to his customers. The producer... More info >>>

RUDE BEHAVIOUR AS A NEGOTIATION TECHNIQUE

Sometimes rude behaviour can help dishonest businessmen. Many companies experience rude behaviour from their business partners. If you can avoid such customers and stop doing business with them this is just fine. But what can you do if an important customer cannot behave himself? Some companies use such “rude”... More info >>>

DIFFERENT COMPANIES = ONE OWNER

Be careful if several companies belonging to the same owner are involved in the deal. You can be easily cheated. It often happens that one person owns several companies working in the same business. For example, all negotiations are done with one company but the contract should be signed... More info >>>

UNPUNISHED FRAUD

According to the statistics more than 50 percent of scams are not reported by the victims. We try to find the reasons. Rarely is a company found that has never lost money due to unfair business. Many losses are never recovered due to the fact that the victim did... More info >>>

FREQUENT BANKRUPTCIES = BAD SIGN

Be extremely careful if your prospective supplier or buyer used to be the owner of several dissolved companies. Before starting business with a new supplier or buyer it is always wise to check the company and its owners. It is a must if you have to transfer pre-payment to the... More info >>>

FRAUDSTERS INSIDE THE COMPANY

Insiders can cause bigger damage to the company than the fraudsters outside of the organisation. According to the experts, an average company loses up to 6% of its turnover due to the fraudsters inside its own organisation. Losses caused by the employees could be up to 90% of the total... More info >>>

ONE SHIPMENT = SEVERAL ORIGINAL BILLS OF LADING

If more than one original B/L is issued it could be used to steal your cargo. Let’s analyse the following situation: The exporter receives an order from an overseas´ buyer for two shipments with similar goods. The importer wants the seller to arrange different B/Ls for each consignment rather... More info >>>

ONE BILLION EURO L/C

Fraudsters were planning to get considerable sums of money using fake documentation. Fraudsters seek to obtain funds with fake documentation. ICC financial watchdog, the Financial Investigation Bureau (FIB), has been asked to investigate a one billion Euro (€1,000,000,000.00) Standby Letter of Credit believed to be fraudulent. In order to verify... More info >>>

EXPORT DOCUMENTS: SOME TIPS FOR EXPORTERS

To sell the product is only 50 percent of the deal. The other 50 percent is the correct export documents. To issue the export documents correctly is very important for the exporter. If you are working with L/C it is essential to make the correct documents, otherwise you will not be paid.... More info >>>

EXPORT DOCUMENTS: SOME TIPS FOR IMPORTERS

Before placing the order, be sure that the seller knows exactly how to issue the documents for export to your country. Needless to say, if the documents are issued incorrectly the importer will have serious troubles when clearing the cargo. Solving the problem will cost a lot of effort, money... More info >>>

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