Hello, I am new at alibaba forums, but I always read different topics. In this time I ask about safeting of Letter of Credit. I know is the most used payment method around the world, but Is not very safe.

1.- The banks never check if information on the bill of lading, packing list or invoice it's true or not.
2.- Banks never checks that the goods seller's shipped it's or not the same that buyer and seller negotiated.
3.- Banks never checks that documents are real or false.

I have a friend, from Argentina, which bough some goods from Indonesia, my friend opened L/C but the seller never shipped the goods, they show false documents to the bank and the bank paid to the seller and my friend lost US$38,000.

What do you think about?

He should take a lawyer

And lose more money to lawyers?

use canadian lawyers
 they are safe and don't loose your money
I know a lawyer company who work with a lot of lawyers in wide range of  nationalities and you have just pay for they work .
After sometimes if you found they got more money another lawyer can show you that they all worked for you as you paid .
if you want send a message in alibaba then I send you all details .
best regards

Sorry to hear about your friend losing money.Inorder for one to use L/C you have to include a third party most notably an inspection company e.g SGS which will confirm the said details of the product,