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    Categories: Bank GuaranteeBanking SystemMonetizationScamStandby Letter of Credit

The New Swift.com Deception: Pretend Swifts!

As a client or a broker you used to be safe if you insisted your BG / SBLC Provider sent swifts to your monetizer on swift.com. Sadly the new reality is that is no longer true! In the last 2 weeks we have found some sneaky BG / SBLC suppliers have had their banks send "Corporatetocorporate" swifts on swift.com to our monetization bank.

This is a New Low in DECEPTION and we are writing this article to warn clients and brokers before too many get caught in its web. Its not fraud because the swift they send is real, but it is deceptive because the swift they send is virtually useless.

A "Corporatetocorporate" swift is a pretend swift, its the the ultimate Deception so we are warning against it and exposing the practice. Being informed is being forewarned!

 

The Problem: The swift.com network has 3 levels of swift:

  1. Brussels Authenticated - Brussels Authenticated swifts have the highest credibility and rating because they are independently checked and authenticated by swift.com at Brussels.
  2. Bank to Bank - Highly regarded and verified bank to bank.
  3. Corporatetocorporate - Used by any of the over 11,000 companies connected to swift.com. Low credibility message that cannot be authenticated by Swift.com at Brussels and often messages cannot be used by the receiving bank unless the sending bank supplies a Exchange Key for the message.

So here is the Deception..... You order a 500M MT799 and MT760 from your SBLC Provider, The SBLC provider   configures the supply contract for your bank instrument so if your bank does respond to their swift.com MT799 or your bank does not Monetize the MT760 then he cancels the contract and keeps your deposit!

The SBLC Provider then sends your bank a swift.com Corporatetocorporate Swift MT799 and gives you a copy of the swift because it is a real swift! The problem is because the swift was sent Corporatetocorporate your bank cant access the use of the MT799 without the issuing bank supply also providing the message exchange key. If they never provide the message exchange key..... you are dead in the water!

The tricky thing about this strategy is that it is NOT fraud because the issuing bank really does send a swift on the swift.com network. But because the swift is sent "Corporatetocorporate" your bank cannot use it without the message exchange key!

Using this strategy the SBLC Provider effectively sets the transaction up to fail and therefore is guaranteed to legally be able to keep your deposit! And the nasty twist is there is nothing your bank can do to save the deal without the message exchange key.

We had a very large international bank with a market capitalization of over 68 Billion Dollars send us a "Corporatetocorporate" Mt760 swift for several hundred million dollars recently. We confirmed receipt of the swift but because the message exchange key was not supplied the entire Mt760 was worthless!

The Solution: We are now insisting in all our Monetization agreements that if clients deliver instruments by swift that they deliver they by Swift.com Brussels Authenticated MT799 / MT760. That requirement protects our clients and protects us, we recommend you implement it also.

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The New Swift.com Deception: Pretend Swifts! 2016-11-06T21:19:09+00:00 2017-04-12T14:38:01+00:00 Bruce Green
Bruce Green :