About fraud

DISCREPANCIES IN THE L/C AS A REASON TO ASK FOR A DISCOUNT

In order to receive the goods without payment or demanding heavy discount, some fraudulent buyers set vague terms and conditions in the L/C. It can be some special documents from different authorities and organisations, language clauses, tight shipment and presentation time as well as many other conditions. When the seller presents the documents... More info >>>

THE SELLER WILL NOT BE PAID IF THE ISSUING BANK IS INSOLVENT

When the seller accepts the L/C as payment it is very important to check the creditworthy of the issuing bank, especially when the bank is small and unknown. If the L/C is not confirmed by a prime bank, the exporter runs the risk of not being paid by the issuing bank in... More info >>>

THE BUYER IS BANKRUPT, THE GOODS ARE NOT PAID FOR

This is an old trick, used by the scammers to get the goods without payment, but still it is worth mentioning.  Supplier sells on open credit. Once the cargo is received the buyer shuts down the existing company, leaving the seller with unpaid goods. Usually the scammer sells on the... More info >>>

FAKE CHEQUE SCAM, PART 1

If the seller accepts payment by cheque, he has every chance of becoming a victim of a scammer. A fraudulent buyer contacts the seller with a quotation request. After short negotiations the importer accepts the price and other terms of the deal and offers to pay by a cheque.... More info >>>

FAKE CHEQUE SCAM, PART 2

Another method, used by the scammers to obtain your money. The scenario is the same as in our previous news: The importer offers to pay by a cheque and the seller accepts. The buyer sends the cheque, which is in excess of the required amount. The seller goes to his bank... More info >>>

CHINESE TRIAL OVER FAKE RECEIPTS

In February 2008 five men appeared in a Chinese court charged with producing fake receipts that could have cost the state billions of dollars. The men were accused of forging over one million receipts worth a total of 147bn dollars at a factory in Guizhou province. Police identified the fraud after seizing... More info >>>

BIG ORDER SCAM

The scammers promise to place a big order and ask the exporter to send free samples and cover different costs in their country. In this scam the exporters are approached by fake buyers, mostly from Africa, requesting a detailed offer for a product. They claim to have good connections... More info >>>

QUALITY SCAM

This type of scam is especially common when trading with perishable goods like chilled meat and fish, fruits and vegetables, but it is used when trading with other products as well. The exporter sends on open credit a certain amount of chilled products, like meat or seafood, to an overseas... More info >>>

UNFAIR PRICE REDUCTION

This method cannot be called a scam but often creates a great deal of trouble for exporters. The exporter receives a quotation request from a buyer. When the price is given, the buyer tells the seller that he wants to purchase a quantity much larger than he previously asked for and based on this... More info >>>

GLOBAL CORRUPTION BAROMETER

Unfortunately, corruption has become an inalienable part of business practice in many countries. Transparency International undertook research into this problem. The Barometer, which surveys 63,199 respondents in 60 countries, offers a broad spectrum of data on common experiences of corruption, including which institutions most frequently demand bribes, where citizens see... More info >>>

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