SERVICES
"Even the presumed wise can be duped by the assumed fool." CJPF
While THE FRAUD TRIANGLE is the motivation for fraudsters, strangely it also holds true for those who get scammed:
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Pressure - to be successful, to turn things around, to prove a point to others.
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Opportunity - vulnerable, lone decision-maker, trade license with bank account.
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Rationalization - lucky, gift from above, this time its different.
Fraudsters are becoming smarter because some of them have been part of the protection system while others are experts in exploiting loopholes - not to mention the backing of organized criminal organizations. Taking time to analyze the deal and the people involved in it can save you from potential danger.
Common International Trade Based Frauds
LETTER OF CREDIT FRAUD Letter of Credit fraud is a type of fraud where the seller is paid with a fraudulent letter of credit. This type of fraud is often achieved by manipulating the documents and information provided by the buyer. The fraudster will then attempt to collect funds from the issuing bank using the fraudulent documentation.
ADVANCE PAYMENT FRAUD Though genuine depending on goodwill of the firm and nature of business, Advance Payment fraud is a scheme where victims are tricked into sending money or goods in advance of receiving something of greater value. This type of fraud typically involves making promises of large financial returns with little or no risk. Victims are often asked to make payments via wire transfer, money order, or gift cards.
LETTER OF INTENT FRAUD Letter of Intent Fraud is a type of fraud that involves an individual or business falsely representing their intent to purchase goods or services. It is usually done with the intention of obtaining funds or information from unsuspecting victims. Victims of this type of fraud often suffer financial losses as a result of being tricked into providing goods or services that were never intended to be purchased.
MAIL FRAUD Mail fraud is a type of scam that involves sending misleading or deceptive mail in order to make money illegally. It is often used to solicit payments, personal information, or other items of value. Victims of mail fraud may not realize they have been scammed until after they have sent funds or other items of value.
BANK GUARANTEE FRAUD Bank Guarantee fraud is a type of fraud in which criminals use false or stolen documents to claim a bank guarantee. Criminals will often misrepresent themselves as a legitimate business and use forged or fraudulent documents to secure a payment from the victim.
ESCROW ACCOUNT FRAUD Escrow Account fraud is a type of fraud in which a scammer attempts to steal money from an escrow account. This type of fraud is often perpetrated by posing as a legitimate escrow agent or by manipulating the escrow process to their advantage. Victims of this fraud are left without the funds that they thought were safely held in an escrow account.
BILLS OF EXCHANGE FRAUD A Bill of Exchange fraud is a type of financial fraud in which a person takes advantage of unsuspecting victims by deceiving them into signing a fraudulent bill of exchange. This type of fraud often involves a fake check or draft that is presented as a legitimate payment instrument. Victims are typically asked to provide their banking information in order to receive the payment. Victims may also be asked to provide their personal information, such as their Social Security number, in order to receive the payment. This type of fraud can have serious consequences, including financial loss and identity theft.
PROMISSORY NOTE FRAUD Promissory Note fraud is a type of investment fraud where individuals are tricked into investing large sums of money in high-yield, low-risk investments, which turn out to be fake. These fraudulent investments are often sold through unregistered brokers, and the promised returns are never realized.
ASSAY CERTIFICATE FRAUD Assay Certificate fraud is a type of fraud where a counterfeited or altered document is used to represent a genuine certificate of analysis from a lab. This fraud is typically used to falsify the identity, quantity, or quality of a product or material. It is essential to conduct thorough checks to ensure the authenticity of assay certificates to reduce the risk of fraud.
FAKE INVOICE FRAUD Fake Invoice fraud is a sophisticated scam in which a fraudster sends an invoice that appears to be from a legitimate business. The invoice is either for goods and services never received or for a higher amount than agreed upon. This type of fraud can be difficult to spot because it can be disguised as legitimate.
SHIPMENT DISPATCHED FRAUD Shipment dispatch fraud is a type of fraud in which an individual or company falsely claims to have sent goods or services in order to receive payment. The updated location of the ship will be sent regularly.
TRADE LICENSE USAGE FRAUD Trade License usage fraud happens when a company is asked to use their trade license to import goods for a commission. The nature of goods would not be disclosed.
MT103 FRAUD MT103 transfer fraud happens when a request is made to use the company account to seemingly transfer a large sum of money legally through banking channels for a commission. Then subsequently from this account transfers to be made to other bank accounts.