RCS Issues Fraud Warning to Cellular Phone Open Market Traders

TEL AVIV - RCS Limited (www.rcs.com), the world’s largest international trader of cellular phones, today announced a fraud warning to operators, distributors and wholesalers of cellular phones. Over the last quarter, RCS’ network of cellular phone traders, spanning 128 countries, has reported an increase in fraudulent trading on the open market.

Among the more common cases of fraud reported to RCS are a fictitious sales representative posing as an employee of an established company. In this example,

“Company X” (the purchaser of goods) asks for and checks the references of the “sales representative”, and usually receives positive feedback. In the second part of this scam, the “sales representative” provides “Company X” with corporate papers and wire transfer instructions, and once the money is transferred, the “sales representative” disappears. The company that the “sales representative” claimed to work for remains unaware of the transaction and resulting scam.

Another variation of this kind of fraud involves a former employee of a cellular trader posing as a legitimate representative of the company, which is a criminal act. In this example, the “sales rep” offers goods for sale and provides “new” wire transfer instructions, which do not correspond to the bank details of his former employer. As in the previous example, once the payment is received, the “sales rep” disappears along with the money.

“The purpose of this warning to our fellow traders on the cellular phone open market is to raise awareness following the increase in fraudulent activity and also to encourage the sharing of information related to cases of fraud in our industry,” said RCS President Rami Feller. “RCS has been in this business for almost fifteen years and if our experience has taught us anything, it is that there is no substitute for proper due diligence and a strong track record for reliability and honesty, all of which are attributes of the RCS brand name.”

About RCS

RCS, a privately held company established in 1995, is the world’s largest international trader of cellular phones, digital cameras and other portable electronics. The company’s international sales team maintains strong connections with over 3,000 manufacturers, operators, distributors and wholesalers of cellular phones, digital cameras, game consoles, LCDs, portable media devices and original accessories in 128 countries, enabling it to source and close deals at the best possible price in the shortest possible time.

The company’s sophisticated website (www.rcs.com) offers the industry’s leading online trading platform, with its continuous selection of offers, requests and auctions. Thousands of buyers and sellers from around the world use this online platform daily to close lucrative deals, backed by RCS’ superb logistics.

With over 35 professional sales agents, and 30 logistics experts, RCS is unmatched in its trading capabilities. The main offices are in the Isle of Man, Israel, United States, United Kingdom, Italy, the Netherlands and Australia.

For additional information contact: Bluma Nussbaum T: +972-3-615-9999 ext. 133 E: bluma@rcs.com

Source: RCS Limited

For additional information contact: Bluma Nussbaum, T: +972-3-615-9999 ext. 133, E: bluma at rcs.com