The Ministry of External Affairs has cautioned the commerce ministry against the rising cyber frauds against Indian exporters that is leading to bilateral trade disputes. This has prompted the Directorate General of Foreign Trade (DGFT) to issue an advisory to exporters to follow the adequate security protocols to avoid these frauds.
In the trade advisory, the DGFT said,” The Ministry of External affairs has informed that email spoofing/phishing cyber frauds are causing increased bilateral trade disputes. Though it is registered as a cybercrime in the respective jurisdictions of the country, the authorities cannot do much to reverse the transaction. The victims end up being the Indian exporters who after supplying the goods, have neither the goods in their possession nor have received the paymen