About fraud

A TRICKY WAY TO VOID A LETTER OF CREDIT. PART 2

Another sensitive point in the letter of credit is the last shipping date. If the goods are shipped after it the buyer can reject the discrepancy and refuse to pay. So the dishonest buyer can try to use this point and act as follows. Some days before the next... More info >>>

THE REAL MEANING OF CIF ASWP

Be very sceptical when you receive or are asked for an offer on CIF ASWP terms. CIF ASWP is the abbreviation of “Cost, Insurance and Freight to Any Safe World Port.” This term can be seen on many offers for commodities like sugar, minerals, urea, crude oil, used rails,... More info >>>

LEGITIMATE SELLER’S DOCUMENTS USED IN SCAM

After receiving documents from a legitimate supplier fraudsters can use them to cheat other companies. This type of fraud is often used by scammers who pretend to be “an authorised dealer” or “official representative” of a large and well-known company. The main idea of the scam is to convince... More info >>>

HOW THE LETTER OF CREDIT PROTECTED THE BUYER. PART 1

By opening a Letter of Credit the buyer avoided serious financial losses. See the full story below. We received this information from one of our clients who managed to avoid serious financial losses by opening a Letter of Credit instead of transferring prepayment to the seller. The buyer is... More info >>>

HOW THE LETTER OF CREDIT PROTECTED THE BUYER. PART 2

The buyer was in a very bad mood when he was contacted by his bank that advised him that some documents provided by the seller were discrepant. First of all, part of the documents was issued in a local language but not in English. Secondly, the description of the... More info >>>

SAFE PAYMENTS IN INTERNATIONAL TRADE. PART 1

Before shipping any goods be sure that you receive an acceptable payment guarantee from the buyer. All exporters should have a sound payment security before they ships any goods to a buyer, no matter if it is a first-time importer or a known partner. We will try to analyse... More info >>>

SAFE PAYMENTS IN INTERNATIONAL TRADE. PART 2

Cash Against Documents (CAD) When using this method both the buyer and the seller share certain risks. When selling on CAD terms the seller ships the goods and sends the export documents to the buyer’s bank. The bank is instructed to release the documents to the buyer only after... More info >>>

BILL OF LADING VERSUS SEAWAY BILL

It is very important both for the importers and exporters to understand the difference between a Bill of Lading and a Seaway Bill. In one of our previous publications we explained the main difference between these two documents. The most important difference between them is how the Consignee can... More info >>>

FRAUD IN SEA TRANSPORT

A fraudulent vessel owner and exporter can benefit from this scheme and pocket solid amounts of cash. This type of fraud occurs in the maritime industry when a dishonest vessel owner cooperates with a tricky exporter. If their plan succeeds, both parties can receive solid sums in their accounts.... More info >>>

MARKET KNOWLEDGE AS FRAUDSTERS’ TOOL. PART 1

A well-prepared and well informed scammer can be difficult to identify and avoid. There are many con artists who are flooding the internet with their buying and selling “offers” in an attempt to catch the victims and disappear with the money or the goods. Many of them are working... More info >>>

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