Exportaid - Export Trade Avice

…then it probably is! The Internet can be a great place to do business, but it is also the media most commonly used by fraudsters, spammers and scammers. Internet fraud is widespread and takes many forms: advanced fee fraud (also referred to as 419 fraud)  is probably one of the most common. 419 scams tend to originate from West Africa, but that is not always the case so be vigilant.

The ‘hook’ that fraudsters often use is the promise of a substantial advanced payment (in excess of 70% of the contract value), with the balance payable on delivery of goods. Typically, you will be told that the advanced payment will be advised via SWIFT message through an internationally recognised bank (often using the good name of the Western Union Bank), and you will be asked to ship the goods on receipt of a copy of that message ‘from the bank’. However, as SWIFT messages can also be copied you should always check with your bank that they have been notified of the SWIFT transfer into your account. Exportaid is often notified of instances where goods have been shipped against fraudulent SWIFT messages. By then it is too late. So if a deal sounds too good to be true, then it probably is!