Electronic Applications for

Fraud
•
As has been repeatedly stated, documentary credits are not 
foolproof. There are layers of protection for both the buyer 
and the seller, but opportunities for fraud do exist. 
•
Many of the opportunities for fraud center around the fact 
that banks deal in documents and not goods, and therefore 
the seller has the opportunity for presenting fraudulent 
documents. 
•
The seller will have difficulty doing this more than once or 
twice as no bank will repeatedly accept documents from a 
supplier accused of such practices. 
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Fraud
•
Most every country has criminal statutes against fraud and 
the seller will eventually get caught, but perhaps only after 
you have been defrauded.
• 🡪
It is always best to know your counterpart and the banks 
involved and to exercise caution and common sense in 
making decisions.
17

Fraud
•
The situations listed below are extremely uncommon, but 
do exist.
1. Sellers have reported receiving an advice or a confirmation 
of a documentary credit from nonexisting banks. The 
perpetrator of the fraud attempts to get the seller to ship 
goods and present documents for payment to a bank that 
does not exist. By the time the seller is aware of the fraud, 
the "
buyer
" has received the goods.
2. Buyers have reported receiving empty crates or crates filled 
with sand instead of the merchandise they ordered. By the 
time they received the shipment the banks had already 
paid the "supplier."
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Fraud
3. Buyers have reported receiving defective merchandise from 
sellers. While there may be some latitude for interpretation of 
what constitutes "defective," it is clear that some suppliers 
have purposefully shipped incorrect or substandard goods.
4. Buyers have reported being short-shipped. In some cases 
buyers have ordered a valuable commodity sold by weight 
and were shortchanged by being charged for the gross weight 
rather than the net weight. They were charged the 
commodity price per kilogram for the packing materials.
5. Buyers of commodities, especially gray market goods, have 
reported being defrauded by the seller's providing fraudulent 
shipping documents, evidencing shipment on a nonexistent 
ship.
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