About fraud

POSSIBLE PROBLEMS WITH MIDDLEMEN

Often it is not easy for a middleman to have both ends meet and finalise a deal. Problems occur more often when you deal with trading companies who do not have storage facilities and much money to finance the operations. They are making money on selling goods they do not own,... More info >>>

BROKEN PROMISES TO SELL

This type of behaviour always creates a great deal of trouble for importers and can cause the loss of reputation and good name. A common situation: you need to purchase a product. You find a company that offers it and start negotiations. All looks fine from the beginning: all your... More info >>>

UNSERIOUS BUYER: BEHAVIOUR ANALYSIS

Unserious buyers can cause a lot of trouble to suppliers. When you are talking to a new buyer, try to analyse his behaviour. If you see the following signs be more cautious with this company: One of the first questions the buyer asks is about payment. If he insists on... More info >>>

HACKED INTERNET BANK ACCOUNT USED IN TRADE

Criminals can use hacked internet bank accounts to acquire your goods. You receive an e-mail from an overseas company, which wants to buy your product. Soon the details and prices are settled and the buyer is ready to purchase the goods. He wants to take them on EXW basis and pay... More info >>>

INVOICE DOCTORING

Before accepting an offer, make sure that all relevant costs and fees are included in the given price. When an importer needs a new supplier the usual practise is to send inquiries to several companies and choose the one with the best price and terms. Once the supplier is chosen... More info >>>

SOPHISTICATED PAYMENT FRAUD

Sophisticated payment fraud is when a third company pays for the goods that will be taken by the scammers. Fraudulent company A wants to "purchase" a product from company B. At the same time company A offers exactly the same product to company C. The payment terms in both cases... More info >>>

DON’T YOU TRUST US?

When you ask many questions about the company the partner can become irritated and stop negotiations. When you first start working with a new company it is natural that you ask a lot of questions about its operations, turnover, references etc. It is a good idea to check the company’s registration and... More info >>>

ATTEMPTS TO VOID A CONTRACT

During the current economic slump the number of attempts to void long lasting purchase contracts is dramatically increasing. As the global prices for commodities are decreasing, a growing number of attempts to renege on contractual obligations by a buyer have been reported, even if the shipment has taken place. Usually... More info >>>

L&G: JAPANESE QUASI CURRENCY SCAM

Today Japanese police have arrested a businessman who was running an investment company that cheated the consumers of 2.4 billion dollars. The company L&G (short for “Ladies and Gentleman”) was established by Kazutsugi Nami in 1987 and was initially involved in selling bedding and products for health purposes. The company began... More info >>>

GLOBAL BRIBERY

25% of businesses in the world have first-hand knowledge of bribery. According to the research, completed by Ernst & Young, 25% of businesses in different countries were asked to pay bribes. The research covered 1200 companies from 33 countries. Almost every fourth business was asked to pay a bribe to win... More info >>>

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