Analyze a scenario where "Global Marine Limited" is vulnerable to different types of Maritime Fraud. Suggest how varied fraudulent activities could affect the company and recommend a corresponding preventive action for e

Global Maritime Limited's potential threats refer to all previously mentioned maritime frauds that can negatively affect the business operations and financial standing of the Company. (i) The first risk is mis-declaration of Cargo. It means that the cargo has been declared less than shipped. Global pays a fine and receives a bad reputation in the market. The preventive measure is to verify the cargo sufficiently before shipping. Conduct regular audits of shipping processes and inventory. Collaborate only with verified and reputable logistics partners and carriers. (ii) The second risk is a Bill of Lading fraud. Someone legally took the cargo of the business. (iii) The Company has no assets, and the preventive measure is an eBL System. Train employees to recognize signs of document forgery and implement procedures for reporting suspicious documents. (iv) The third risk is charter party fraud. The charter violates the contract and does not make the payment. Global loses money. The preventive measure is a security bond in the contract and detailed screening of the charters. The third risk of charter party fraud due to the non-repayment by charters entails the loss of revenue. The prevention measure is a detailed background of charterers acquisitions, including financial guarantees. Obtain comprehensive insurance that covers potential discrepancies in cargo details. (v) The fourth and last risk is scuttling, involuntary sinking of ships for receiving compensations from insurances, threatens financial and human assets. Preventative action includes the installation of constant surveillance systems on ships. Through focused measures in eBL adaptation, strict Charter Party evaluation, cargo verification and ship surveillance, Global Maritime Limited can decrease its exposure to maritime fraud and protect its possessions, image, and financial sustainability.