About fraud

PERFORMANCE BOND SCAM

A fraudulent exporter can issue a performance bond to gain your confidence. This type of fraud is widely used in commodity trade. Almost all of the potential victims are attracted by expectations of abnormally high profits. It is difficult to resist a deal that can make you rich in a few... More info >>>

DIFFERENCE BETWEEN A BILL OF LADING AND A WAYBILL

The main difference between a Bill of Lading and a Waybill is that a waybill does not convey title. Both Bill of Lading (B/L) and Waybill are among the most important documents in international trade. B/L performs three main functions: A contract of carriage. When signed it becomes a contract... More info >>>

FREIGHT OFFER NEGOTIATIONS

When you need to get a freight offer, do not forget that all costs, including the insurance premiums, are negotiable. When you need to get a freight offer for your goods, make sure that all the components are included in the price offered. We recommend that when you ask for a... More info >>>

SMALL DEBTS CAN GIVE SOLID PROFIT

Small debts are often written off and dishonest buyers make use of this. When your buyer owns you very small sums, it will often end up with you writing off the debt. Many companies know this and actively use it. Your buyer may transfer you some 200-300 Euros/dollars less than it was... More info >>>

SHIPPING LINE LIABILITY

When shipping goods it is worth remembering that the shipping line is not responsible for any delays in transit. When the goods are to be transported overseas, both the seller and the buyer should remember, that it is very possible that the vessel will be delayed in its arrival... More info >>>

INTERNATIONAL FRAUD IS ON THE RISE

Over 43% of companies from around the world have suffered from one or more serious economic crime. According to the Global Economic Crime Survey completed by PriceWaterhouseCoopers in 2007, over 43% of the companies interviewed reported suffering from different economic crimes. More than 59% of the Russian companies reported suffering from... More info >>>

BRIСKS INSTEAD OF VIDEOCASSETES

Cement blocks instead of videocassettes were shipped to a well-known company by a fraudulent supplier. A bank that issues a Letter of Credit payable upon presentation of a Bill of Lading and related documents such as an insurance certificate, accepts a risk that its customer is credit worthy. In the... More info >>>

THE BANK CAN REJECT TO HONOUR THE L/C

In some exceptional cases the issuing bank can reject to honour the L/C even if all the documents comply with the L/C terms. The Letter of Credit is independent from the underlying transaction and the issuing bank must honour confirming documents. Usually the bank should pay the beneficiary, regardless... More info >>>

LETTER OF CREDIT FRAUD

Using a fraudulent forwarder as a partner a dishonest buyer can obtain the goods much cheaper than agreed. The fraud works as follows: A fraudulent buyer places an order with an exporter and offers to pay by a Letter of Credit. The freight should be arranged by the seller and the... More info >>>

SCAM E-MAIL SUBJECTS

We have compiled a list of “subject” words used by scammers when sending e-mails. When you see any of these words there is a 99.9% chance that it is a scam letter. Urgent and confidential Please help me out! (A Plea from Mrs. *******) Please assist me in this project Transfer of... More info >>>

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