How To Keep Your International Payment Safe: Tips And Tricks​

International transactions require payment to be made in a foreign currency, and this can present some challenges. One of the most significant challenges is the risk of fraud. In this article, we will share some tips on how to keep your payment safe.

Choose the Right Payment Term

Telegraphic Transfer (TT) is the most common payment term for international transactions. TT enables you to transfer big payments at a lower cost, and you can send funds to someone in another country easily. Almost all banks have direct or indirect business contacts, and the completion time is short, typically within 2-7 days.

Beware of Internet Fraud

Internet fraud is a growing problem, and it can take many forms. Phishing or spoofing involves the use of fake emails, text messages, or copycat websites to commit identity theft. Fake emails can result in significant losses, especially in the case of business email scams. Business Email Scams related losses rank first among all kinds of internet fraud because most of the victims are companies that lack the relevant training and mechanisms to prevent fraud.

Protect Yourself

To protect yourself from fraud, follow these tips:
1 Talk with Your Supplier in Another Way
If your supplier tells you that they have changed their bank account, be careful. Contact them through other means like phone call, WhatsApp, Line, Skype, LinkedIn, or Facebook. Do not send an email because most of the time, your supplier will not receive it or confirm its authenticity.
2 Choose a Canonical Company
Choose a company that has been in business for more than two years. If the beneficial name is similar to the domain, that’s great. If you have no idea how long they have been in business, check their website history: https://archive.org/web/web.php.
3 Send the Bank Slip Promptly

After making payment, it’s essential to send the bank slip to your supplier within 24 hours. You can fax, use Whatsapp or any other instant messaging app to send the bank slip. However, it’s crucial to remind your supplier to check the name of the beneficiary. This step is crucial as it is their responsibility to verify the payee information. If there is a loss, you can hold the supplier accountable for compensating for the loss.

Notify Your Bank and Stop Payments Immediately

If you suspect that you have been cheated, you should notify your bank immediately and have them stop payments. Under normal circumstances, the probability of recovering the money is very high within 12 hours after payment. If the collection account number is in the same country as your supplier, ask your supplier to help. If it’s a Chinese bank, some banks will suspend the account. But if the order from your bank is not received within a certain period, the receiving bank will transfer the money to the fraudulent account. 

The same Title doesn’t mean safe.

Yes, it is true. As we know there is some fraud like this:

Scammers will open a business account in another country or region that is exactly the same as the seller.

For example, we are a China neodymium magnet supplier. So we opened an account in a bank in China.

If a customer receives an account with the same name as ours, but the bank address is in Europe, then the customer must be very careful.

The customer should call sales to confirm this.
Because it is a Chinese supplier, according to Chinese law, the payment can only be made to a bank in China.

So there is a 99% chance that EU bank accounts are fake accounts.