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VIETNAM’S BUSINESSES DEFRAUDED BY FOREIGN PARTNERS

VIETNAM’S BUSINESSES DEFRAUDED BY FOREIGN PARTNERS

Monday 31, 08 2020
Recently, Branch of Vietnam’s Business Department in Houston has received requests from Vietnamese businesses for assistance in dealing with fraudulent transactions with US businesses.
Recently, Branch of Vietnam’s Business Department in Houston has received requests from Vietnamese businesses for assistance in dealing with fraudulent transactions with US businesses.

Specifically, Vietnam businesses (purchaser) transferred money into the US suppliers’ accounts provided via their emails. However, these are fraudulent email accounts as the suppliers’ e-mail boxes were hacked by the scammer to send fraudulent information for misappropriation.

In order to support Vietnam businesses to avoid being swindled, Branch of Vietnam’s Business Department in Houston has given some useful advice when dealing with foreign partners.

Firstly, for familiar partners, if there were any changes in contacts, especially with changes in bank accounts, businesses need to call their counterparts directly to verify the information to prevent a partner's email from being hijacked and sending fake information.

Secondly, it is necessary to pay attention to suspicious account transaction information, for example, there may be something wrong if the headquarters is in Europe but the account is in the US.

Thirdly, businesses should choose safe payment methods, especially for new trading partners.

Fourthly, in the event of depositing money into a counterfeit account, enterprises should immediately notify the bank and request the bank to inform the receiving bank of the application of necessary methods to blockade recipient accounts (fraudsters).

Finally, verifying partners’ information as instructed above is a necessity. Branch of Vietnam’s Business Department in Houston informed that it is quite simple to establish a company in the US, therefore, in addition to the basic information such as address, domain name, telephone, registration information, ... Vietnamese businesses need to thoroughly investigate information through other channels, of which the most useful channels are those that provide Business Information.


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