About fraud

FAKE TRANSPORTATION COMPANY

A non-existing transportation company can transport real cargoes. Scammers create a solid looking website and start promoting themselves as a trucking company owning and operating several trucks. All phone and fax lines are functioning perfectly and all emails are promptly answered. They can create a fake reference list, so if... More info >>>

UCP 600: NON-MATCHING DOCUMENTS

UCP 600: Important things to remember. The old version of UCP (UCP-500) required that documents that are inconsistent with one another should be rejected by the bank. So if the consignor made a small mistake in the documents, the issuing bank had a legal right to reject the documents as... More info >>>

BANK REJECTS TO HONOUR THE L/C

In certain cases a Chinese bank can reject to honour the L/C on its own initiative, even without consulting the applicant. In November 2005 The Supreme People’s Court of the People’s Republic of China issued The Provisions of the Court on some issues concerning the trial of cases of dispute... More info >>>

IMPORTANCE OF WRITTEN COMMUNICATION

To avoid problems make sure that all communications between you and your business partner are done in writing. Many companies do business with each other without any formal written contract. Orders can be placed and accepted over the phone; detailed description of the products is missing and much important information... More info >>>

IN DOUBT? GET INSURANCE!

Credit insurance protects your receivables against different commercial risks. There can be many reasons why your customer fails to pay the invoice. The buyer could file bankruptcy, face cash problems, get into trouble with his own receivables from his buyers etc. You can easily protect yourself by obtaining a credit... More info >>>

CANCELLED ORDER SCAM

To obtain a better price a tricky buyer may place a big order but reduce it afterwards. This technique is used to acquire a bottom price for the goods. A tricky buyer sends an inquiry for a very large order and because of the volume secures a very attractive price from the supplier. The payment... More info >>>

SAMPLE SENT, KNOW-HOW STOLEN

A dishonest company can order a sample and use it to steal your know-how. This technique is used by dishonest companies to steal a unique product from a foreign manufacturer and start producing it at their own premises. Let’s take a look at the following situation: You have developed a unique... More info >>>

HARD DRIVES USED IN FRAUD

Nigerian based financial fraud linked to British computers. BBC investigators have discovered that the hard drives from many recycled British computers are turning up in Nigeria, a country notorious for financial fraud and identity theft. Assistant Director of the ICC Financial Investigation Bureau (FIB) Jon Merrett commented: “The BBC... More info >>>

NEED USED RAILS?

We want to analyse an offer for used rails. Scam or not? Below you will find an offer for used rails. It is a real offer we found on the internet. We would not take it if we were buyers. The explanations marked Italic red. SOFT OFFER  Commodity : Used... More info >>>

HOW TO PROTECT YOUR ACCOUNT

A simple way to protect your account from unauthorised withdrawals. The purpose of many scams is to gain access to your account and withdraw funds from it without your knowledge and authorisation. To make withdrawals scammers need to obtain some information from you. What kind of information is typically collected? Letterhead... More info >>>

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