SBLC SCAM

QUESTION

Dear Duc Nguyen Huu

Sincere greetings,

I have a confusing question.

Since I am an intermediary in the oil trade,

I recently met a supplier who asked my buyer to provide SBLC MT760. I was a little worried and told the supplier that this is risky.

But he provided a document explaining MT760. Due to the professional nature of the document,

I immediately thought that you are an expert. So again, I’m sorry to bother you,

Please check the attached file when you have time. Is this disadvantageous and risky for the buyer, or even a scam?

Thank you very much.

Best regards

T. Lee

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ANSWER

Hi,

Not sure, but I smell a scam from the standby letter of credit sample you sent me because it contains words, content, the way to determine due date, incorrect references to ICC rules… very similar. with the form of standby letters of credit commonly used by scammers.

In international trade, the commonly used payment methods are letters of credit, documentary collections… while standby letters of credit have the same function as guarantees to guarantee the contractual obligations of the guaranteed party, i.e., the issuing bank shall pay the beneficiary if the guaranteed party fails to fulfill its obligations under the contract.

You should not waste time on these transactions that go nowhere.

Best regards,

Nguyen

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T. LEE

Let me express my highest gratitude to you, thank you for your professional explanation, which put my mind at ease. Thank you again! I also wish you that you are a good person and will be healthy and successful.

T. Lee