MT799 is a *SWIFT message* used in international trade finance to provide a *bank-to-bank communication. It is often used to confirm certain details, such as the availability of funds or other financial arrangements, but it **does not serve as proof of product* or guarantee the quality, existence, or shipment of goods.
### Can a Bank Issue an MT799 for Proof of Products?
No, “MT799” is not designed to prove the existence or quality of products. It is purely a financial communication tool between banks. If someone claims that an MT799 can serve as proof of products, this is *misleading* and could indicate a scam.
### Red Flags for Scams:
- *Misuse of MT799*: Scammers may misuse the MT799 to create a false sense of security, claiming it proves the existence or shipment of goods.
- *Request for Advance Payments*: If the seller asks for upfront payments or fees based on the MT799, this is a common scam tactic.
- *Lack of Direct Communication*: If the seller avoids direct communication or refuses to provide verifiable proof of goods (e.g., loading photos, inspection certificates, or shipping documents), be cautious.
- *Unverified Parties*: If the buyer, seller, or bank involved is not well-known or cannot be verified, this increases the risk of fraud.
### What Should You Do?
– *Verify Independently*: Contact the bank directly to confirm the authenticity of the MT799 and the transaction.
– *Request Proof of Goods*: Ask for independent verification of the products, such as inspection certificates, shipping documents, or loading photos.
– *Use Escrow Services*: Consider using a secure payment method or escrow service to protect your funds until the goods are delivered and verified.
If you suspect a scam, consult with a trade finance expert or legal advisor before proceeding. Always exercise caution in international trade transactions.
gks@ametheus.com
