Dealing with Fraud

There are several celebrated cases of using documentary credits to defraud a bank, a buyer or a seller^*.  Fraud often causes direct and substantial cost to banks or to importers or exporters.

^*See for example:

• Ellen, Eric E. (1985) 'Documentary Frauds - how are the perpetrated and how can they be prevented?', paper presented at a workshop for bankers organised by SWIFT, Nov 1985, Luxembourg.

• Kuo-Ellen, S. Lin (2002) 'A Banker's Guide to the Prevention of Fraud and Money Laundering in Documentary Credit Transactions', Journal of Money Laundering Control, vol. 5, no. 3, Winter 2002.
• Wheble, B.S. (1993) Documentary Fraud in International Trade - Whose fault, whose responsibility?, ICC International Maritime Bureau.