Jul 16 2011 |
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Saudi Companies Exposed to Chinese Fraud Through The Internet
By Hassan Shahin The Saudi Embassy in China has warned Saudi companies, businessmen, and citizens about fraudulent and swindling schemes by Chinese companies. According to the information, recently a number of Chinese companies refused to ship their products after receiving payment.Officials at the Embassy confirmed that most financial dealings are done electronically. And due to the numerous websites that are not officially registered, and their irregular business trading, there are no assurances for the customers that their orders will be fulfilled. That leads to the loss of money paid by the importers for the products and exposes them to fraud and swindling practices.
Saudi businessmen and companies complained that they transfer the down payment which is agreed upon in the contract. When the second installment is due, the Chinese companies change the bank account numbers and ask the importers to transfer the money to the new accounts electronically. After transferring the amount, the exporting company denies receiving the money and insisting that it didn't ask to change its account and was exposed to an email theft, and doesn't acknowledge the new account the money was transferred to.
The Commercial Attache at the Embassy advised to refrain from transferring any money to China except after ensuring the correctness of the account and the necessary information about the Chinese company being dealt with. In addition, ensuring the email used for correspondence, indeed, belongs to the company by placing a phone call to the company official.
© Yalla Finance 2011
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