Good time every one especially the readers of Nigeria Kicker in Nigeria and in diaspora. Compliment of the season.
Today, I will continue from where I stopped on the previous discussion about Trade Finance as risk mitigation as well as trade facilitation using trade finance instruments.
Trade finance is not just about money, it’s about trust and structure that make world trade possible – Break Down Risk Through Structured Trade Agreements, Utilize Time-Tested Instruments Like Letters of Credit, LC, SBLC, BG’s and so on. Also Strengthen Relationships to Build Long-Term Trade Success. Trade finance has been the unsung backbone of international commerce for centuries.
Today, 50% of people doing business in international market are with Scammers/Thieves who normally post photos on what they don’t have/sell or manufacture, fake company and fake website. In view of this, the advice is, therefore, to allow Trade Finance professionals handle your export/import Business.
Use any of these Trade finance instruments LC’s, SBLC, BG’s , Bank block funds to avoid doing business with scammers or fraudsters in international market because doing business unknowingly with scammers can have severe consequences such as:
• Financial losses: Scammers may disappear with your money or goods without delivering anything in return.
– Reputation damage: Dealing with scammers can harm your reputation and credibility in the market.
– Legal issues: You may face legal action for unknowingly participating in fraudulent business activities.
– Loss of sensitive information: Scammers may trick you into revealing confidential business information.
– Wasted resources: Time, money, and resources spent on fraudulent deals can be devastating.
– Difficulty in recovering losses: Recovering losses from international scams can be challenging due to jurisdictional issues.
– Emotional distress: Dealing with scammers can cause significant stress and anxiety.
Further more, you need to be careful
to avoid doing business with scammers by
1. Researching thoroughly: Verify the company’s existence, reputation, and credentials.
2. Be cautious of unsolicited offers: Be wary of unexpected offers that seem too good to be true.
3. Check for red flags: Be cautious of poor communication, lack of transparency, and unrealistic promises.
4. Use secure payment methods: Use secure payment methods like letters of credit or escrow services.
5. Seek advice: Consult with legal and trade experts before making any deals.
6. Verify documents: Authenticate documents and certifications before proceeding with any transactions.
7. Keep records: Keep detailed records of all transactions and communications.
Remember, it’s always better to be safe than sorry. If a deal seems too good to be true, it’s probably fake.
Be careful when dealing in international Market/Trading across different countries, in order not to fall into the hands of “International Thieves/Scammers.”
International thieves/scammers may be either a buyer pretending to do business with you by asking you to send goods before payment, then after that the story change or a seller who pretends to sell what he doesn’t have by asking you to send money before goods will be shipped.
These people can come in any form. Be careful. The best way is to use Trade Finance instruments. Trade instruments can detect the genuiness of the business, and bring out the clear picture of either buyer or seller.
Trade Finance instruments provide high level of Security because it detect fraud.
The best way to handle pretending buyers and sellers/Scammers who engaged in international trade is to transact using “LC” as a means of payment.
LC help in mitigating Risk of none payment of goods by the buyer or none delivery of goods by the seller when payment is made. With LC you can understand the clear picture of the transaction whether real or fake among both parties involved in the deal.
Stay tuned as I will continue with this important topic in my next discussion.
Hauwa Yakubu, is an International Trade Finance Consultant/Country Manager, Trade Finance company. Wa.me/2348062245017
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