About fraud

10% ALLOWANCE IN WEIGHT AND AMOUNT

10% allowance in credit amount and quantity can be used by dishonest companies to ship 10% less product and invoice for 10% more. According to UCP 500 Article 39a “The words ´about´, ´approximate´, ´circa´ or similar expressions used in connection with the amount of the Credit or the quantity or... More info >>>

SAMPLES SCAM

To secure the order a scammer can send samples which differ from the real goods he wants to ship. Usually this type of fraud is used when the product is sold on prepayment or L/C basis. It will be difficult for the buyer to receive compensation if the goods have been... More info >>>

PRODUCT AND ITS PICTURE: DIFFERENCE IN COLOUR

Often the colour of the product on a digital photo is different from the colour of the original product. Many purchasing decisions are based on digital photos sent by seller. When the goods are received, the buyer can sometimes notice a difference in appearance of the actual product and... More info >>>

CORPORATE BRIBERY

TI reports: emerging economic giants show high levels of corporate bribery overseas. Companies based in emerging economic giants, such as China, India and Russia, are perceived to routinely engage in bribery when doing business abroad, according to Transparency International’s 2008 Bribe Payers Index (BPI), released 09 December 2008. Belgium... More info >>>

NO FULL PAYMENT = NO DISCHARGE

Exporters should be paid in full before the cargo is discharged to the port of destination. Many deals are made on 30/70 or any other proportion of advance and remaining payment. Once the seller receives the first part of the payment he prepares the product and ships it out. The... More info >>>

SMALL CLAIMS CAN BE BIG BUSINESS

Small amounts constantly claimed from several suppliers can provide extra income for a dishonest buyer. Some dishonest buyers practise this technique to obtain extra profit from the operations. When they receive the product, they make a minor claim about the quantity or quality of the goods. It can be any sort of... More info >>>

FRAUDULENT TIMBER SHIPMENTS

MB notes trend in fraudulent timber shipments. IMB warns vigilance over timber shipments originating in Southeast Asia. The ICC International Maritime Bureau (IMB) has uncovered a series of spurious timber shipments, which allegedly originated in Southeast Asia. The irregularities were found following routine due diligence checks on behalf of member banks.... More info >>>

PROFORMA INVOICE FRAUD

Be careful when an unknown company is asking for a proforma invoice. Very often it is a common practise for many companies to ask for a proforma invoice to arrange payment for the ordered products. However your proforma invoice can be also used by criminals. Exporters trying to establish new business... More info >>>

REPRESENTATIVE SCAM

Scammers can ask you to become their representative in your country and assist them with forwarding of the payments from their customers. You can receive an email from a fake company which is looking for a representative abroad to collect payments from their customers. The scammers claim that they have... More info >>>

GERMAN BANK ACCOUNTS FOR SALE

Information about 21 million bank accounts is for sale on the black market in Germany. According to Wirtschaftswoche magazine, two investigative reporters had a meeting last month with two individuals who offered a CD containing account numbers and bank details, as well as names and private addresses of 21 million Germans.... More info >>>

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