Shipping containers are reliable assets offering a safe way to store and transport. But, sadly, times have come to a gloomy phase. Customers are dealing with a handful of issues when investing in a container. With a rise in shipping container scams, it has contributed even more to the customer’s woes.
One can’t imagine the pain a buyer would have to go through after paying and getting a damaged container. These frauds are planned and run so strategically that it can be challenging for a regular dealer to spot them.
Getting a faulty product can’t be the worst when the customers deal with severe cases where nothing is delivered against their payment. The sad part is that most targets don’t report the issue or do anything about it. Some barely know where to get started.
Financial Fund Recovery sets out an article that can thoroughly run you through the shipping container scam, making the ride a little less bumpy.
IN THIS ARTICLE
What are Shipping Container Scams?
Shipping Container Scams were exposed when many famous companies registered in Hong Kong, and one of the world’s most reputable shipping container investment companies was among them. These companies asked their investors to buy containers for $3000 to $4000 and then rent them to the shipping industry.
The investors selected a fixed-rent option promising them a return of 10% to 12% or above. These containers are warranted, and after a definite time frame, commonly five years, investors can fully recover their money by selling the containers for a profit plus the investment. These kinds of investments are often categorized as a high-return low-risk option, which is a signal of a fake investment as such investments are not applicable. Enough to prove the presence of the Shipping Container Scams.
How do Shipping Container Scams Work?
The ongoing frauds comprise a whole batch of miseries that go beyond shipping containers. Scammers keep working their way to get easy targets and expand their area of operations.
Like industries such as real estate, warehousing, construction services, and logistics, the need for storage and transportation is deepening. As the market for shipping containers keeps growing profitable, the threats to such scams also increase.
Further, as this industry advances and prospers, the scams also keep pushing.
Shipping container scams depend on the rising demand in this business to entice more customers. Some ways they use to convince the targets could be;
- Charting out incredible deals with low pricing
- Showing connections with some big shots within the marketplace
- Using contracts with loopholes
- Pretending to be registered and licensed with duplicate certificates
In the end, when the supplier keeps delaying the delivery and stops answering calls, the customer senses something suspicious.
How Do You Spot Red Flags For Shipping Container Scams?
Be mindful and seek these signs to determine whether a shipping container business is legitimate or not;
- You find the shipping container suppliers hold a low ranking and terrible reviews. It displays evident disappointment and dissatisfaction among its customers.
- A yearly return of 12% seems bizarrely high.
- Cargo dupes mislead clients by advertising new assets and giving away undervalued assets instead of the excellent model.
- Shipping Container providers often copy reputable companies and known labels to attract more buyers.
- The official mailing address plays a crucial role, and fraudulent parties add false addresses to cover their identity.
- A bulk of the container shipping scams operate with a bogus contact number located on their homepage.
How To Avoid Shipping Container Scams?
Dealing in shipping containers can expose you to a great deal of risk, and not being cautious can only add up to it. Financial Fund Recovery works towards ensuring that you prevent falling for a scam and taking proactive measures.
Our qualified team has pointed out a list of areas that can help you avoid shipping container scams. We recommend you briefly run through it before involving your money in such services.
Verify the active life of a site’s domain name
Confirming how long a domain has been active can give an idea of whether the provider is honest or not. In addition, some reliable sources help verify such domains. A genuine business will work with a well-established website that has existed for a more extended period. Fake websites are newly set up and look unprofessional in most scenarios.
Check whether the firm has a valid address
You can consider a firm as credible if it is listed on trusted platforms like Google maps. For instance, even if you spot a firm with the same address, it is recommended to cross-check the contact details. It’s because Google is known for conducting rigid verification procedures. This skips scams, violators, and other conceitful parties.
Make sure that they answer their official contact number
Confirm that the contact number and the area code go hand-in-hand. It might work well while verifying the landline number, but that’s not the case for a mobile number as it can’t be linked to a location. You can still check whether the mobile number matches across all platforms, such as the firm’s social media pages, website, and google maps.
Further, ensuring that they answer your call can assist in concluding that the number is working and valid.
Figure out how long the business has been active
Run through the firm’s “About Us” section and see for yourself whether it appears genuine. You can check how long the company has been active. Additionally, a few references can help conclude whether the details are valid.
Get the prices for other vendors in the same industry
As a customer, you know how to shop best-compare the products, prices, and features before making your final purchase. Likewise, you can get price quotations from container vendors and settle for a reasonable deal. Do not forget that a deal that sounds too fancy can also cost you a fortune.
Be cautious of firms that endorse paid ads and have no organic significance.
Naturally, if a firm doesn’t implement SEO practices or work towards gaining organic traffic, that can seem off. However, not every enterprise needs to follow SEO protocols. Despite that being said, it’s an indicator that the firm could be a scam.
Refer to its social media pages and reviews
We live in a generation where your digital movements can elevate your presence. Examining their social media pages and reviews can take you a step closer to the firm. It can further assist in acknowledging their true intentions.
Consider trustworthy suppliers
Coordinate directly with a container supplier that has a recognized brand name. Such suppliers will keep up to their words and won’t fail you.
Inspect the container at the site
Request for an appointment to physically check the container. If the supplier denies your request without valid reasoning, then they might be running a suspicious business.
Inspecting the container will help you learn about its shortcomings that would otherwise go unnoticed.
Don’t be in a hurry to pay & do not reveal your bank details
Fraudulent businesses put you in a hurried situation to get your money. Make sure that you do your bit of research before giving in to them. Another piece of advice is, abstain from revealing any banking details.
If you follow these steps, you’ll be able to identify and avoid the scam. After all, prevention always works better than the cure.
What To Do If You Have Been A Victim Of The Shipping Container Scam?
If you crashed straight into a shipping container scam and lost all your money, don’t you worry! Financial Fund Recovery can be the right person to consult, and we’ll make sure to recover your lost funds. Set your timer because 120 working days is all it takes for our proficient team to come together and make things happen.
With dedicated experts and free consultation service, you can have the specialists analyze your case. As a result, Financial Fund Recovery is a success story, with a 92% win rate and 19 million+ cases to date.
Financial Fund Recovery designates legally compliant officers and administers a lawful undertaking for redress. With a consumer support staff that works around the clock, Financial Fund Recovery assures 100% results.
We extend clarity, followed by our confidential agreement signed with each customer. Financial Fund Recovery generally abides by a timeframe of one hundred twenty days and attempts at recovering funds earnestly.