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rickencin
I couldn't resist commenting on SDCIA's favorite subject.

Swift.net Fraud

https://www.secureplatformfunding.com/swift-net-fraud/

"This is a very sneaky scam where the Bank Guarantee or Standby Letter of Credit Provider says they can ONLY deliver the bank guarantee on swift.net instead of swift.com. That statement alone is a huge red flag! ALL real banks and ALL real bank guarantees or stand by letters of credit are normally transmitted and delivered on the swift.com bank to bank system that is used and recognized by all rated banks worldwide or DTC or Euroclear. Any bank who says they cannot deliver on swift.com is saying i don't have access to the "real" bank guarantee and standby letter of credit delivery system, I can only use swift.net which is a completely different system by a very similar name. Swift.net DOES NOT HAVE ANYWHERE NEAR the credibility, recognition, security or acceptance of swift.com."

FBI Warns of Fraud Actors Scamming Investors Through Fictitious Standby Letters of Credit

https://www.ic3.gov/media/2019/190318.aspx

"The SBLC can be used to obtain financing and must be backed up with 100 percent collateral, allowing the bank to foreclose on the entire amount in the event the SBLC is not paid back. "

Letter of Credit Fraud

https://www.fbi.gov/scams-and-safety/common-fraud-schemes/letter-of-credit-fraud

"Legitimate letters of credit are never sold or offered as investments. They are issued by banks to ensure payment for goods shipped in connection with international trade. Payment on a letter of credit generally requires that the paying bank receive documentation certifying that the goods ordered have been shipped and are en route to their intended destination. Letters of credit frauds are often attempted against banks by providing false documentation to show that goods were shipped when, in fact, no goods or inferior goods were shipped. "
Rick
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Policy