Due Diligence 

Introduction

While the Internet has provided convenience to business transactions, it has unfortunately created opportunities for cheaters and scammers to steal the hard-earned money from many genuine business people.

In recent years, especially in the finance industry, we have experienced an exponential increase in the number of fraudulent cases. According to the Federal Trade Commission, the reported lost to frauds and scams in 2018 was $1.48b, which is an increase of 38% over 2017.

As such, due diligence has also become a must-do activity before we conclude any contract or agreement.  If not, we are likely to not only lose money, we also lose our precious time spent on fake deals.

We have shared some Due Diligence Tips, which we hope will be useful to help identify fraudsters and scammers. 

We will also be sharing some samples of fake bank instruments in near future.  Just like us on our Facebook page and we will keep you updated.

Besides us, there are also many websites, which had helped us to identify the fraudsters.  Some of the useful sites includes Scamwarners.com, Testimony from Fraud Victims.

Tips on Due Diligence

We have moved the Due Diligence Tips to our Member’s Resource Centre.

Proof of Documents

All the stories we have shared or will be sharing are based on genuine documents we have compiled.

For those who are interested to access these files, do leave us a message and we will be  glad to share them with you.

However, be prepared to submit your CIS for our clearance as we would only want to give access to authentic clients.  We are offering access at 50% discount since we are still working on the stories.

Note

One common question we received is the definition or difference between frauds and scams.  We found a good explanation by an English teacher which you can read it from this link.  Otherwise, just going through the list of stories we share in this website should help you understand the difference.  Enjoy reading.

Compliance List

Our Compliance Team conduct due diligence for all new partners, which can be any of the following:

  • Issuing Bank
  • Provider or Supplier of bank instrument
  • Receiving Bank
  • Receiver or Beneficiary of the bank instrument
  • Intermediary or Agent
  • Monetizer

We also verify the authenticity of the bank instruments we often received from the partners listed above.  The bank instruments we usually receive for due diligence are:

  • SWIFT MT760 (SBLC / BG)
  • SWIFT MT103
  • Bank Draft
  • Bonds (e.g. Richmon Bond)
  • SKR
  • MTN/ LTN
  • etc..

Our Specialties

With many years in this business, we are confident that we have worked with most Providers, Agents, and Receivers.

We have received numerous KYC / CIS of most players in this business and received the samples of the bank instruments they have issued.

We have conducted due diligence to both KYC and bank instruments sample, and are confident to identify the authentic instruments.

Alert List

We identify the frauds and related fake deals into the categories below:  

Frauds

For those of you who have been in this business will understand that Providers or Suppliers of bank instruments have to comply non-solicitation clause.

In this case, we were also introduced to this Provider through Introducers.

In this Chapter, we will be sharing the names of the Introducers, all the email and documents exchanged.

Scams

Upon submitting our application through the Introducers, we received the contract.

Having been cheated a few times, we were very careful with our due diligence check on the Provider.

In this chapter, we share the thorough checks we have conducted.

Imposters

After acknowledging our payment, the representative started to give excuses that he overlooked some additional payment.

He tried to convince us to pay more or cancel the contract, which he will refund our payment.  When we agreed to cancel the contract, he went missing in action and refused to pick up our calls.

In this chapter, we share all the actions we took to recover our payment.

Non-Preformers

There are also a group of “professionals” who brag about their abilities and convinced us to pay for their services.  Many times, these group of people are worse them fraudsters and cheats.

We identify these people as Non-Performers.

Member’s Resource Library

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