How to Prevent an Internet Buyer Scam
In the Internet Buyer Scam, often originating out of Nigeria, a seller of an item is conned by the buyer into accepting a worthless check for a larger than required payment and sending the buyer or an accomplice the extra funds. This scam has been so successful that crooks everywhere are now getting into the act.
This scam is growing exponentially!
Your education and your knowledge are the most effective ways to curtail these scams.
When are funds good?
The answer to the question is “You never know for sure. In some cases, YOU, as the endorser, remain liable for several years.”
(Available funds and “good” checks are different. Make sure you know and understand the difference.)
As required under the Expedited Funds Availability Act and, the bank will let you withdraw the funds from an account.
This does not mean a check is “Good”
Any transaction in which you as the customer deposits a check and then sends out money to someone else – particularly a stranger – is risky.
If a transaction involves depositing a check and then sending part of the money to a stranger in a foreign county, it is almost certainly a scam which will cause a financial loss.
Even after verification, a check can still be returned for various reasons beyond the bank’s control!
One last word, be aware that this scam has even occurred with counterfeit money orders and cashiers checks. NO transactions involving depositing a check and then sending part of the money to a stranger in a foreign county should be trusted!