Advice how to avoid bank wire fraud

Thread: Advice how to avoid bank wire fraud

Page 1 of 3 1 2 3 LastLast
Results 1 to 10 of 21
  1. #1
    Member dpj17's Avatar
    Join Date
    Oct 2007
    Location
    The Windy City
    Posts
    2,114

    Advice how to avoid bank wire fraud

    Hello Everyone,
    I had some questions regarding receiving a bank wire from a newbie with no references, just and Ebay account with minimal feedback, albeit positive. I have read the sticky in the sales forum and need some further advice what to do. I am doing my research at the moment and will not ship out until I am 100% positive and comfortable with the transaction. Just general concerns pertaining to counter credits, shipping to a business, etc. Any help or advice how to smell out a potential scam please let me know!
    Daniel
    "Fortes Fortuna Adiuvat"

  2. #2
    Member katmando's Avatar
    Join Date
    Jul 2008
    Location
    St. Louis Park, Minnesota
    Posts
    1,471

    Re: Advice how to avoid bank wire fraud

    Have the buyer send you a Postal Money Order. Problem solved.

    _________________________________





  3. #3
    Omega Forum Moderator emmanuelgoldstein's Avatar
    Join Date
    Dec 2009
    Location
    Waltham, MA
    Posts
    5,372

    Re: Advice how to avoid bank wire fraud

    Certified Bank Cheque or Money order is really the way to go.

    Anyone with your (USA) account and routing numbers can withdraw money from your account by ACH debit. For personal accounts, this can usually be reversed within 60 days. For business accounts it can be quite different. Wells Fargo, for example, only allows one day before the debit is permanent. Their explanation to me was "It's a business account,and you should be paying attention." Some banks are offering ACH-filter services to block bogus debits. Similar are anti-check-fraud services, where you give the bank a list of checks you've written and the bank will deny any other incoming checks. With the Check 21 changes there's little difference between checks and ACH debits now.
    Last edited by emmanuelgoldstein; February 22nd, 2010 at 21:00.
    “Education is the inculcation of the incomprehensible into the indifferent by the incompetent”

    -- John Maynard Keynes

  4. Remove Advertisements
    WatchUSeek.com
    Advertisements
     

  5. #4
    Member
    Join Date
    Jul 2009
    Location
    Rhode Island
    Posts
    4,277

    Re: Advice how to avoid bank wire fraud

    Quote Originally Posted by katmando View Post
    Have the buyer send you a Postal Money Order. Problem solved.
    How would the buyer have any protection against a seller that cashes the the money order and not send the watch? Isn't the buyer taking a risk here with this method?
    I only ask because I've never made a purchase to a private seller or seller of any legitimate business using a money order via mail.
    Last edited by hansomegq67; February 22nd, 2010 at 21:16.



  6. #5
    Member dpj17's Avatar
    Join Date
    Oct 2007
    Location
    The Windy City
    Posts
    2,114

    Re: Advice how to avoid bank wire fraud

    Quote Originally Posted by emmanuelgoldstein View Post
    Certified Bank Cheque or Money order is really the way to go.

    Anyone with your (USA) account and routing numbers can withdraw money from your account by ACH debit. For personal accounts, this can usually be reversed within 60 days. For business accounts it can be quite different. Wells Fargo, for example, only allows one day before the debit is permanent. Their explanation to me was "It's a business account,and you should be paying attention." Some banks are offering ACH-filter services to block bogus debits. Similar are anti-check-fraud services, where you give the bank a list of checks you've written and the bank will deny any other incoming checks. With the Check 21 changes there's little difference between checks and ACH debits now.
    I think this is a great point and people should avoid sending out their bank info to just anyone. References take a while to accrue and they are a must for me going forward. I have opted to avoid this potential buyer as too many questions arised. Sellers also need to be schooled in counter credits vs incoming cleared bank wires.
    "Fortes Fortuna Adiuvat"

  7. #6
    Member
    Join Date
    Mar 2008
    Location
    San Francisco Bay Area
    Posts
    1,915

    Re: Advice how to avoid bank wire fraud

    Receiving a bank transfer should be safe for the seller. The buyer would need to trust that the seller would send something, and I don't believe there's any any for a buyer to reverse a bank transfer once it's gone through.

    Cashier's checks and most money orders are worthless for the receiver - anyone can print up something that looks like a check or money order. One can deposit anything in to their bank account, but it could be weeks or months before it gets caught as a fake check or MO - and by then you've already shipped the item. That's how all of the I've-made-a-mistake-and-sent-a-too-large-certified-cashiers-check-just-western-union-me-the-differece-and-keep-$100-for-your-troubles scams work. Someone sends you a fake check for something but it's made for a larger amount. You deposit the check into your account and then western union them the overpayment (they never seem to want to actual item they've supposedly bought from you.) After a while the bank returns the cashier's check and you're out your money...

    A USPS money order should be a bit safer because you can take it to the post office and they should be able to at least verify that the serial number of the money order matches the dollar amount shown. They may also be able to tell when and where it was purchased.

  8. #7
    Member
    Join Date
    Jun 2009
    Location
    New Jersey
    Posts
    521

    Re: Advice how to avoid bank wire fraud

    A USPS money order is perfectly safe. Once cashed you take the money, walk out of the post office, and that's the end of it.

  9. #8
    Member TxKarateDude's Avatar
    Join Date
    Nov 2007
    Posts
    829

    Re: Advice how to avoid bank wire fraud

    I don't trust wire transfer because there is no buyer protection. If the seller is scamming you, then you're SOL. I know many hate Paypal, but at least there's protection with it. I prefer a credit card sale because many cc's offer buyer protection. I've been fortunate to have never been scammed, but the law of averages will catch up one day.


    Don't make me go Blackbelt on ya!
    Terry
    -------------------
    Breitling Navitimer 01 LE, Breitling SuperOcean Steelfish, Bathys Aquaculture black PVD, Seiko Sumo, Seiko Orange Monster, RXW MM20,
    RXW MM25, Chase-Durer conquest, Movado series 800 Diver, Movado Museum, Citizen Ecodrive chrono, Bulova Precisionist

  10. #9
    Omega Forum Moderator emmanuelgoldstein's Avatar
    Join Date
    Dec 2009
    Location
    Waltham, MA
    Posts
    5,372

    Re: Advice how to avoid bank wire fraud

    Paypal is a safer transaction then MO or wire transfer. There are also many escrow services that are reputable. I only deal with Paypal online and wouldn't complete a transaction any other way.
    “Education is the inculcation of the incomprehensible into the indifferent by the incompetent”

    -- John Maynard Keynes

  11. #10
    Moderator Public Forum John MS's Avatar
    Join Date
    Mar 2006
    Location
    Virginia, USA
    Posts
    21,313

    Re: Advice how to avoid bank wire fraud

    Quote Originally Posted by dpj17 View Post
    Hello Everyone,
    I had some questions regarding receiving a bank wire from a newbie with no references, just and Ebay account with minimal feedback, albeit positive. I have read the sticky in the sales forum and need some further advice what to do. I am doing my research at the moment and will not ship out until I am 100% positive and comfortable with the transaction. Just general concerns pertaining to counter credits, shipping to a business, etc. Any help or advice how to smell out a potential scam please let me know!
    Daniel
    Two basic questions:
    Where is the buyer located.
    How much are we talking about.

    A true bank-to-bank wire transfer is a one way street - once you get the money it is yours. It comes at a considerable cost if you are located in the USA. If it is an individual buying the watch I would be suspicious about sending it to a business.

    I'm not sure what a counter credit is - was the buyer mentioning this as a means of payment?

Page 1 of 3 1 2 3 LastLast

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

    Posting Permissions

    • You may not post new threads
    • You may not post replies
    • You may not post attachments
    • You may not edit your posts
    •