About fraud

PAYMENT ISSUE: UNIQUE PRODUCTS

When you have to produce a very special or unique product make sure that you will be paid in full whatever happens to the buyer. When you receive an order to produce a very specific product according to the buyer’s demands be sure that you will be paid in full whatever... More info >>>

L/C CHECKLIST

When accepting an L/C from a foreign buyer, make sure that these important conditions are fulfilled: The L/C should be irrevocable. A revocable L/C can be cancelled by the buyer at any time without your knowledge. Are you comfortable with the issuing bank? Try to obtain the L/C from a... More info >>>

FAKE REFERENCE SCAM

Using this technique scammers can provide you with excellent references about their company. When you start business with a new company it is natural that you want to obtain references on it. You ask the potential partner if there are any companies you can talk to and he provides you with... More info >>>

FAKE SHIPMENTS OF FROZEN FISH

IMB has uncovered fake shipments of frozen fish.  Checks carried out identified fraudulent Bills of Lading. The ICC International Maritime Bureau (IMB) has uncovered a number of suspicious shipments of frozen fish, all containerised and bound for mainland China. Whilst carrying out routine checks on behalf of members on the... More info >>>

ARBITRATION AND MEDIATION VS. LITIGATION

In certain cases arbitration can be an easier way to resolve the dispute than resorting to a court. Before you decide to sue the dishonest partner it is worth looking into other possibilities of dispute resolution, namely arbitration and mediation. The main purpose of mediation is to have the counterparties... More info >>>

PROBLEMS WITH DOCUMENTS

When exporters neglect the paperwork it can create a great deal of trouble for the importers and will be the cause of serious financial losses. We have compiled some problems connected to the documents: The worst case: after receiving the full payment from the buyer the fraudulent exporter does not send any... More info >>>

HOW TO SECURE YOUR PREPAYMENT

When you pay in advance make sure that you will receive your money back if the goods are not shipped. When you need to make an advance payment to a new supplier, it is always sensible to secure the return of the money in case the goods are not shipped. Below... More info >>>

HOW TO CRACK INTERNET BANK

One of the methods used to crack your internet bank. According to Wikipedia, “phishing is the criminally fraudulent process of attempting to acquire sensitive information such as usernames, passwords and credit card details by masquerading as a trustworthy entity in an electronic communication”. Scammers can try to gain access to... More info >>>

FRAUD IN THE PURCHASING DEPARTMENT

The purchasing department of any business can be subject to fraudulent behaviour. It is not easy to detect fraud in your purchasing department, especially when you have to suspect trusted employees. Statistics say that 50% of all frauds are discovered by chance. To minimise fraud possibilities every organisation should have a... More info >>>

FRAUD IN THE SALES DEPARTMENT

Some signs of fraud in the sales department. The sales department of any company can be affected by fraudulent behaviour. Dishonest employees can damage the reputation of the company, its finance and possibilities for the future development. It is extremely important to identify the fraudster at the early stage; otherwise... More info >>>

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