Fake commodity offers follow recognisable patterns. Sugar, diesel, jet fuel, urea, copper, gold and rare metals are the most imitated products because they are traded in large, standardised lots. One red flag is a reason to slow down. Three are a reason to stop.
The offer
- Price well below the market for the same Incoterm, for example CIF prices under the FOB range in our weekly monitor
- Huge monthly volumes over 12 months from a company with no visible history
- The same offer, word for word, from several unrelated brokers
- Specifications copied from the internet, with no named producer, mill, refinery or mine
- Products that are not traded that way, such as "copper isotope ingots" or gold sold through a broker chain
- Pressure: "allocation expires today", "the seller is waiting"
The procedure
- The buyer must issue a bank instrument before any proof of product, inspection or visit
- "Seller does not allow visits before SBLC" combined with "no POP until payment guarantee"
- Fees requested up front: for documents, "registration", "allocation", legalisation, inspection or "bank charges"
- Requests for MT799 proof of funds, "blocked funds" or "RWA" before any contract
- Tank-to-tank, "dip test" or "TTO" fuel procedures where you pay to verify product in a storage tank
- A 2% performance bond promised only after the buyer's bank instrument is issued, and never seen
- Reference to ICC rules that do not exist: "ICC 400/500/600", "Prove and Move", "ICC NCNDA"
The documents
- Names, addresses or registration numbers that differ between documents or from the official registry
- Free email addresses, recently registered domains, mobile numbers only
- Bank account in a different country or company name from the seller
- Inspection reports, bills of lading or tank receipts that the issuer will not confirm
- Vessels whose IMO number, name and position do not match ship-tracking data
- Bank letters that the bank cannot confirm through its official contact details
How to verify
- CompanyCheck the official company registry yourself; do not rely on a PDF extract.
- PeopleHold a video call with a director listed in the registry, from the company's own domain.
- ProductAsk the inspection company's local office to confirm a report number; ask the terminal or warehouse to confirm a receipt, using contact details you found independently.
- VesselCheck the IMO number, owner and position on ship-tracking services and ask your P&I club or broker if in doubt.
- BankLet your own bank contact the counterparty's bank. Never send money to unlock an instrument.
- PriceCompare with the benchmark and the physical range for the same Incoterm and destination.
If something has gone wrongStop payments, keep every message and document, inform your bank immediately and report to the police. ICC Commercial Crime Services and your P&I club or insurer can advise on maritime and documentary fraud.
TradeScout24 Trade Desk · Sources: ICC warnings on non-existent ICC instruments; ICC International Maritime Bureau alerts on false shipments and bills of lading; P&I club bulletins on online sugar fraud · Last reviewed 25 Oct 2026