For most people, it is difficult to spot a fake bank instrument provider from a real one but here are a few ways and critical signs you can use to spot a fake BG / SBLC provider.
Top 10 Tips On How To Detect Fake BG/SBLC Providers
1. Bank Endorsed Deed of Agreement (DOA): Banks do not endorse deed of agreement contracts or LOIs. This action would place a financial liability on the bank and they cannot and will not incur that liability on behalf of their depositors. Scammers use this trick to make their story attractive. In many cases they will use corel draw, Photoshop etc to prepare authentic looking documents to convince you into believing that a prime bank endorsed the DOA document. So if you received any offer or document from anyone claiming the DOA has been endorsed by the bank kindly run because that is a RED FLAG that you are dealing with a FAKE BG/SBLC Provider.
2. Deed of Agreement (DOA) with grammar botches, made out of different bits of different kinds of agreements.
3. FREE EMAIL SERVICE: Most of these scammers use free email services such as www,gmail.com, hotmail, yahoo etc. They have no website, I mean, they cannot afford a website but somehow they are promising you 5 Billion dollar BG/SBLC? It’s a mystery how they succeed with such lies?
4. LOW PRICE: This is the number one trick they use in luring unsuspecting victims. They will promise to deliver you a bank guarantee or letter of credit value of 500 Million Dollars with payment of $10,000. Sadly, people are easily lured in by fake artificially low prices of financial instruments offered by these scammers. The truth is, when a scammer isn’t delivering anything real they can afford to offer you the deal of the century! Price Shopping clients will always get a bargain that will cost them a fortune.
5. BPU (Bank Payment Undertaken): Banks do not issue BPU to enable a customer to get a free financial instrument. This is just joker-broker nonsense.
6. ICBPO: ICBPO means Irrevocable Conditional Bank Pay Order. Banks do not issue irrevocable conditional bank purchase orders (ICBPO) for a lessor. In fact, a bank is precluded from incurring any liability on behalf of a depositor. Another joker-broker nonsense.
7. ICBPO to be issued by the Lessee’s bank for the Lessor. This convention is illegal by the vast majority of the world banks on account of the abnormal state of fraud around it. By issuing ICBPO the Lessee’s bank resolves to exchange assets to the Lessor paying little respect to the consequences of the renting exchange. Please RUN from ICBPO offers because it is a complete waste of time and no one has ever closed any real deal using ICBPO method.
8. Bank guarantees are never on any screen (DTC or Euroclear) for screening, authentication or settlement. All BGs must be transacted via standard non-Euroclear DVP protocol settlement procedures. We’ve discovered how scammers now set up fake cloned websites for authentication purposes. Be alert
9. Slightly Seasoned Instruments- Another joker broker nonsense. There is no such thing as a slightly seasoned instrument. Instruments are either fresh cut (new issue that has not been registered with a buyer) or they are seasoned (instruments that have already been sold to one or more buyers). In most cases it is joker brokers that are promoting this fake story.
10. Brokers movement advancing so-called “providers”, before you spend your significant lifetime, cash and vitality to advance the “supplier” you found on the web please make your DD over such a “supplier” and ensure that you are managing the bonafide and evident source. By promoting fake sources, you ruin your reputation and lose the trust of your customers.