About fraud

CHOOSE A PARTNER WHO IS YOUR EQUAL. PART 1

Both importers and exporters can get into trouble if their counterparty is either smaller or larger than the company itself. We have received several complains from both suppliers and buyers claiming that their counterparties did not pay the proper attention to the contracts and in some cases even cancelled them.... More info >>>

CHOOSE A PARTNER WHO IS YOUR EQUAL. PART 2

Another incident happened with a different trading company that placed an order with an Asian supplier. It was the first time these companies were doing business together. The order was just for one container of the product and for a company of that size was a minor order. The... More info >>>

FAKE SUPPLIERS WITH A “BORROWED” FACTORY. PART 1

Using this simple trick, fraudsters can make the buyer believe that he is dealing with a serious company. Once the contracts are signed and prepayment transferred the fraudsters disappear. This method is often used by scammers to win the buyer’s trust, get them to sign the contract and then disappear... More info >>>

FAKE SUPPLIERS WITH A “BORROWED” FACTORY. PART 2

Once the paperwork is finished the companies come to the actual delivery. The buyer should transfer the prepayment to the seller’s account (the account that belongs to Company C) and then wait for the goods to arrive. However, nothing happens. The delivery is delayed and after some time the... More info >>>

WHY COMPANIES ARE CHEATED. PART 1

Many companies are so easily tricked by fraudsters and lost money and goods that sometimes we cannot believe that it really happened. We will try to analyse how it was possible. The main reason for losing money is that companies do not suspect that they could be cheated by... More info >>>

WHY COMPANIES ARE CHEATED. PART 2

It is not a secret that many companies do not perform a thorough check of their potential business partners before signing the contract. Most of the firms are satisfied with the information they receive from the potential supplier or buyer or with the information stated on the company’s website... More info >>>

A DEAL WITH MANY MISTAKES. PART 1

Several mistakes made by the importer from the very beginning of the deal led to serious financial losses in the end. Below is a short guide on what not to do when importing. Recently we have seen a few similar cases and understood that companies from different branches make... More info >>>

A DEAL WITH MANY MISTAKES. PART 2

Some days later Company A finished preparing the claim and sent it to the exporter. The situation was described in detail, the photos were enclosed and the buyer was asking for compensation. Company B acknowledged the receipt of the claim and promised to investigate the case. After some days,... More info >>>

A DEAL WITH MANY MISTAKES. PART 3

Analysing this case we can see that both the supplier and the buyer made serious mistakes that led to a conflict between the companies and money lost for the importer. What were these mistakes? Company B had experience in purchasing tyres from their existing supplier. Due to this fact,... More info >>>

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