About fraud

12 TELL-TALE SINGS OF FAKE WEBSITES. PART 2

Pay attention to the methods of payment for the products. If the seller demands the payments by Western Union, Money Gram or similar companies, you can be almost 100% sure that it is a scam. Most online shops will accept PayPal, Moneybookers and other similar methods to pay. If... More info >>>

A TRICKY AMENDMENT TO A LETTER OF CREDIT

This L/C amendment, made by the buyer, can easily create huge problems for the seller. We have recently analysed a sales contract between two companies and found a dangerous amendment in the Letter of Credit that could have created serious financial problems for the seller. Exporter A made a... More info >>>

ATTENTION! FRAUDULENT WEBSITES

Fraudsters use professional looking websites to convince victims of authenticity. The ICC Financial Investigation Bureau (FIB) has urged caution over sourcing commodities from online suppliers, particularly from those who offer a wide range of products but lack established credentials. A recent case referred to FIB highlighted the need for... More info >>>

SUSPICIOUS GOLD OFFERS

A spike in gold prices has lead to a number of attempted frauds involving the precious metal. The ICC Financial Investigation Bureau (FIB) has recently been referred a number of suspicious transactions relating to gold that has purportedly originated in Africa. The first case was referred to the Bureau... More info >>>

CORRUPTION IN INDIA

Rampant corruption - is it hurting India’s brand image? Year 2010 will probably go into the annals of history as the Year of Corruption. Today, the world recognizes corruption in India as a billion dollar industry. Corruption in India is at its rampant best and although only a handful... More info >>>

MONEYGRAM USED FOR FRAUD. PART 1

MoneyGram to pay $18 Million to settle FTC charges that it allowed its money transfer system to be used for fraud. Company also required to implement comprehensive anti-fraud program and to monitor its agents. MoneyGram International, Inc., the second-largest money transfer service in the United States, will pay $18... More info >>>

MONEYGRAM USED FOR FRAUD. PART 2

In mystery shopping scams, the con artists called U.S. consumers or sent them a piece of direct mail in which they claimed to be hiring consumers to visit stores such as Wal-Mart to evaluate MoneyGram money transfer operations. The con artists sent consumers a cashier’s check, telling them to... More info >>>

SIMPLE FRAUD USING A FAKE WEBSITE. PART 1

By creating the fake website of a phony shipping company fraudsters can easily rip you off for thousands of dollars. The scam is very easy to implement and the only knowledge the fraudsters need is how to make websites. This scheme is especially popular in some African and Asian... More info >>>

SIMPLE FRAUD USING A FAKE WEBSITE. PART 2

Now comes the interesting part of the story. The “seller” “ships” the goods and issues fake export documents. He faxes them to the buyer and gives him a B/L number or reference number of the consignment. The importer can put these numbers into the tracking system of the “transportation... More info >>>

NON-EXISTENT SCRAP SHIPMENTS

In order to steal your money fraudsters are able to produce documentation that, on face-value, appears convincing. Third party checks established it was impossible for the cargo to have been loaded on board the vessels. The ICC International Maritime Bureau (IMB) has uncovered a series of recent suspicious transactions in... More info >>>

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