For doing business, T/T is widely used for international trade. I heard that some stories regarding fraud. I researched and summary up some tips to avoid the fraud when you choose T/T payment
1. Fraud suppliers or dealers. For this case, below tips for your reference.
Do factory audit before you do business with the suppliers you chose. There are several ways for factory audit.
Business licenses, research online for the reviews for their products or services, factory visit for checking their facilities etc.
Another important note: Don't wire to personal bank account if you do business with the company.
2. Fraud cased hijack
When your vendor emailed you to change the bank account, please have a double check with the beneficiary name and if it is not the same one with the company in the commercial invoice, please do more research before sending wires, such as make a phone call etc. Otherwise it might be fraud caused by hijack.
Hope it might help and your comments are warmly welcomed.