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Tuesday, April 10, 2007

Check fraud

The Kiplinger.com article answers a question regarding the growing scam, involving check fraud.

Many sellers are getting overpayments from people pretending to be buyers. These fake buyers issue checks for greater than the selling price of the merchandise and ask the seller to refund the difference, keeping back a certain percentage for the trouble of refunding the difference. The catch - the fake check bounces later on, and the buyer may be out of the money, in case he has already refunded the fake buyer.

The article suggests sellers to ask payments in the form of money order from the U.S. Postal Service. However, even with this method care needs to be exercised. I once listed an item on Craigslist and a buyer sent me an electronic money order issued by USPS. When I checked with the post office, they told me that there's no such thing as an electronic money order. The lesson - be careful when selling anything online and where feasible, cash is probably the best method for accepting payments from strangers.

For complete article, click the following link:

Kiplinger.com - Watch Out for Check Fraud

posted by Ruby @ 7:17 AM

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