You can save yourself time, trouble and money if you know how to recognize-and avoid-some of the more common scams. Here’s a look at one that could happen to you.
The Scam
You place an ad for your collectible, motorcycle or electronic equipment on a specialty Web site.You’re contacted by a buyer. Everything appears legitimate. You even receive a cashier’s check overnight. The only problem is the check is written for $5,000 over the sale price. The buyer says it was an error and asks you to deposit the check and refund the overpayment using a money transfer service. A week later, your bank informs you the check was fraudulent. No funds have been deposited into your account. Unfortunately, the item has already been sent, along with $5,000 in cash.
When the payment is found to be a fraud, the funds are withdrawn from your account. In this type of scam, you could lose both the amount of the overpayment and the item you were selling. Because some banks allow funds to be drawn before an item has cleared, you might not learn of the fraud until it is too late.
The Solution
Before sending a money transfer transaction, consider these...
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