Wire transfer fraud is one of the most common types of scams in the world today. Many people have been taken advantage of by these scams and more people will be taken advantage of in the future. Here are a few things to consider about potential wire transfer fraud.
1. Unexpected Checks
One of the most common wire transfer fraud scams involves sending an individual a check that was unexpected. The person that sends the check will ask the other party to cash the check and then wire part of the money to them. In almost all cases, the individual that asks to have the money wired will be located in another country. At first glance, this sounds like a great idea. You will be able to make hundreds or thousands of dollars simply for cashing a check. However, when you go through with it, the bank is going to hold you responsible and take the money out of your account. When the check bounces, they will charge the person that cashed the check. You could potentially be out thousands of dollars while the other person gets away with the money. If anyone sends you a check or money order, you should be very skeptical about cashing it.
2. Contacts From Overseas
Many of these scams start out with someone contacting you from overseas. They will either call you or e-mail you and ask for help. Since they cannot speak English very well, they will try to get you to help them in some manner. In most cases, it will involve cashing a check or taking a credit card payment. Then you will need to wire the money to them in order to help them out. If anyone contact you from another country and asks for your help, you should examine the situation very closely.
3. Classified Ads
Many con artists will utilize classified ads to take advantage of unsuspecting victims. For example, if you list something for sale on a classified website, someone might come along and offer to buy the item. They will then send you a fake check in an amount that is greater than what you asked for. They will ask you to cash the check and then wire back the difference to them. When this happens, the bank will hold you responsible and you will have to pay the money out of your account.
4. Protecting Yourself
In order to protect yourself from wire transfer fraud, there are several things that you will need to keep in mind. One of the most important things are members that you should only deal with local people when selling something or taking a payment. If someone is contacting you from overseas, you should forget about doing business with them. If you do business with someone locally, you will be able to go to their bank and make sure that a check has cleared before moving forward. In addition to this, it would most likely be in your best interest to avoid any requests that ask you to wire money.