Avoid Any Kind Of Wire Transfers Scams

Filed under: offshore

Red Flags for a potential scam!

* You are asked to wire money.

* You are sent a check in connection with a payment request. Cons often win their victims’ confidence by sending a fake check for more than the amount of purchase or to cover so-called processing fees, shipping costs or other expenses. It may be a cashier’s check, personal check or money order. They instruct the victim to cash the check or money order and send them a portion of the money by wired money transfer. Even if the check looks authentic and your bank cashes it, you’re not safe. Banks are obligated to make deposits available within a few days, but it can actually take weeks for a check to clear. Once the con’s check bounces, the bank will withdraw the funds from your account and hold you liable for any overdraft fees. Check overpayment scams are the fifth most common telemarketing fraud and the fourth most common Internet scam reported to the National Consumer League.

* The contact indicates a confirmation code or money transfer control number (MTCN) is needed before your money can be withdrawn.This is a blatant lie. Once you wire money, it can be picked up immediately.

* The contact implies that a wire service or online classified Web site offers a purchase protection policy. Never take a stranger’s word. Instead, check directly with the site. Western Union, Moneygram and Craigslist, for example, do not offer any sort of purchase protection program.

* A caller or e-mail appears to originate from overseas. Many cons operate from overseas. They use the language barrier to engender trust by seeking the “assistance” of their victims. Steer clear of sloppy Web sites and messages that are not professionally written.

It is very important to know that usually wire transfer scams take are from many type and take different forms.  Classified ad purchases – fake buyers: Swindlers browse online classifieds, auto sales journals and newspapers for potential victims. They contact those advertising cars, electronics or just about anything of value, pretending to be an interested buyer. Payment arrives as a counterfeit check – often for more than the sale price. You are instructed to wire the extra amount to a third party or reimburse the difference. Typically, cons claim the wired money is payment for an intermediary to ship the item. Other times, they may send a check for the correct amount, then back out of the deal and ask for a refund.

Leave a Reply

You must be logged in to post a comment.