December 22, 2006: Though International trade has fast picked up especially in last five years, dishonesty, crime, product counterfeiting are plaguing it. Such is the magnitude of the crime that many countries including US, China have set up special cells to deal with such complaints. Unlike in the old days when a scamster used to meet face-to-face with people it wanted to cheat. Now, with modern technology he has become more sophisticated using e-mail, message boards and chat rooms to effectively con individuals and businesses. Such scamster can be anywhere at any time and just a click away from his target. Anonymity, ease, and reach on global scale that technology offers are contributing to the rapid expansion of fraud. While you may have legal resources to sue such conmen, following legal procedures outside your home country to catch and punish these fraudsters are almost non-existent.
Imports from Nigeria are particularly Vulnerable: Experience of various importers from across the globe shows that Nigeria is a dangerous country to operate in. Movement of cargo is always at risk and IT networks are vulnerable to cyber attack. One of the most common scam from this place is Escrow Fraud. This involves a third-party escrow service company to help facilitate the exchange of money and goods. The scammer advises the victim to use an escrow service website that the scammer created. The website resembles a legitimate escrow service company website. The victim sends the payment through the bogus website or the victim sends goods and waits for payment.
Another major fraud from here is Letter of Credit Fraud. Letters of credit issued by the buyer’s bank is forwarded to the bank located in the seller’s country to notify the seller. Scammers then proceed to produce identical documents that a bank produces which are then sent directly to the seller. The seller ships the contracted goods and waits for payment in his bank which never happens.
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