About fraud

TWO SUPPLIERS, ONE GANG SCAM

Importers can be easily cheated by two fake “suppliers” who are working together. This type of fraud is easy to implement and difficult to recognise if the buyer is not aware of its technique. Importer A is searching for a certain product. He publishes his requests on trading boards... More info >>>

NEXT ORDER SCAM

In this scheme the fraudulent supplier needs to be patient to reach his goal but in the end his efforts are often rewarded. This type of fraud requires preparation and patience but often works very well. This scam is used by “suppliers” in many industries and it can be... More info >>>

FAKE CAR EXPORTERS FROM JAPAN

By offering cheap prices for used cars fraudulent Japanese car exporters steal hundreds of thousand dollars from the victims. This type of fraud was uncovered last year when many car importers in Tanzania lost over five million USD in attempts to buy second hand vehicles from Japan. The exporters... More info >>>

TO BE CHEATED IS EASIER THAN YOU MAY THINK. PART 1

Many companies are being easily scammed because they are not aware of the basic techniques used by fraudsters in international trade. A great number of companies lost their money when dealing with small trading firms. The buyers are attracted by a competitive price, transfer the money to the fraudulent... More info >>>

TO BE CHEATED IS EASIER THAN YOU MAY THINK. PART 2

So the customers are found. They are happy about the price and it looks like they are ready to place the first orders. The only payment terms the scammers can offer is partial or full prepayment. No letters of credit accepted! If a buyer wants a low price, he... More info >>>

TO BE CHEATED IS EASIER THAN YOU MAY THINK. PART 3

As you can see now the fraudulent business is growing and flourishing. The scammers always have money in the account, sooner or later they ship the goods to the most intolerable and angry customers and their relations with the supplier are the best they can ever dream of. They... More info >>>

EXTRA DISCOUNT AS A METHOD TO KEEP THE MONEY

Fraudulent suppliers use every means at their disposal to keep the received prepayments for as long as possible. Promising an extra price discount is an effective method to achieve this goal. Use of somebody else’s money received as prepayment for the goods is a well-known way to finance trading.... More info >>>

RISKS WHEN DEALING WITH PRIVATE PROPRIETORS

The risk of doing business with sole traders can be much higher than when working with companies. Many countries have a form of business entities called private proprietors. Usually such traders operate the business under their private name, use their private registration number as their business number and bear... More info >>>

CHECK US BUT THE PRODUCT WILL BE GONE

Scammers try to prevent the importer from checking them by stating that the offered product will be sold before the check is completed. This technique is often used by con artists who pretend to be an overseas export company. To start their “business” the scammers are either answering the... More info >>>

A TRICKY WAY TO VOID A LETTER OF CREDIT. PART 1

Dishonest importers can use this method in an attempt to cancel the deal and make the beneficiary create a discrepancy in the letter of credit. This trick can be used by the buyer when he sees that the market price for the product he has ordered and paid for... More info >>>

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