Seller Beware…

This is a cautionary tale about bank fraud for anyone that sells things. (online or otherwise). A man sold a car online, the buyer sent a check for several thousand more than the buying price. He claimed it was to cover extra shipping costs and for the seller to just wire him the excess which turned out to be $5000. He felt a bit suspicious of the check and inquired a couple times if the check was ok, the teller confirmed that the check was fine.

While checking out his account online, he discovered the check WAS bad and the bank wanted him to replace the 5000 dollars. This is basically advance fee fraud. The “buyer” has a stolen check (or forged) with a good account number, there’s an initial attempt to see if the account is good for the funds, then the target sends the “excess” back before the fraudulent check is discovered. This is attempted quite often it seems (The details of this are remarkably similar to an event I was told of last fall regarding a client that was selling online.)

My basic thought is this… if there is anything strange about the payment, proceed with GREAT suspicion. I think in the case I was told of, they were overseas and wanted to purchase an item, they would send MORE than the amount required in a bank draft, but had a “friend” travelling in country that could pick up the item and the change…… this way they could transfer money to the “friend” at the same time. (Or something close). In that case, they contacted the FBI and it sounded like the fraudster got “stung”.

Seller Beware

Related Posts

Blog Traffic Exchange Related Posts
  • Internet based filesystem with no transfer fees I thought this was a great idea.... Okay for 2$ per GB of storage per month (or $24 per year for 1GB of storage) you can have your very own secure online storage drive. For you windows users think of a G: drive or a Z: drive that you......
  • Windows Automatic Updates now checking Genuine Advantage... According to started today (June 1st) Microsoft will be utilizing their Genuine Advantage check through the Automatic Update feature. Up until now, you have only been prompted for the Genuine Advantage check when visiting the Windows update site directly. (I can only assume the Genuine Advantage check is the......
  • Criminal Background Check When you are hiring someone for most positions a criminal background check is a high priority. Especially if the person you are hiring will interact with your family or with children. The internet has made criminal background checks commonplace and easy to conduct. There are many services that make this......
Blog Traffic Exchange Related Websites
  • Online Banks: Real People's Thoughts We had a bad experience with Bank of America for our joint account, so my husband and I decided to switch banks. We first look at the banks where we hold our individual accounts. He uses Wachovia and I use a local credit union. We first look at the......
  • 4 Benefits of Online Banking for Families Whether you’re a first time parent just getting into the sleepless swing of mother/fatherhood or a seasoned pro with a house full of rambunctious toddlers or teens, there’s no doubt that time is of the essence when it comes to organizing all aspects of your household. From tackling the never-ending......
  • Did Bank of America Open an Account Without My Permission? Since college, I've had Bank of America checking and savings accounts (they gave me a $10 bonus for opening the savings account, so obviously it was worth it despite the miniscule interest rate!) Well, one day when I logged into my account online, I was surprised to find a second......    Send article as PDF   

Similar Posts

See what happened this day in history from either BBC Wikipedia
Amazon Logo

Comments are closed.

Switch to our mobile site