Buyer overpayment fraud

Using Facebook Marketplace or a similar online sales platform makes it simple to sell unwanted stuff or earn money by selling something you’ve developed. A buyer overpayment scam occurs when a potential buyer calls you to purchase the item you’re selling and attempts to overpay with a check. The cause for the overpayment can vary, but they’ll eventually urge you to reimburse the additional amount, either to them personally or to a “friend” via wire transfer or cash. Finally, their check will not clear, and you will be out the “extra” dollars as well as the goods. It’s simple to avoid this fraud by refusing to accept checks for products you’re selling.

Scam seller asks wire transfer

Instead of selling anything online, consider being a customer. This fraud often succeeds because it is a good—but not unbelievable—deal. When you call the seller, they will most likely be unavailable for you to pick up the item and will either insist on sending it to you or directly delivering it to you. Because it’s such a good price, you may feel compelled to act quickly, but they’ll need you to send a wire transfer or digital payment. If you do, the vendor will become unresponsive and your product will never arrive.

To avoid this scam, only buy from reliable vendors on sites that use secure payment systems, or don’t finish a local purchase until you have the item in your hands—even if that means missing out on a discount.

Scams involving money mules

A money mule scam employs the “get-rich-quick” idea to persuade you to deposit a check or disclose your bank account information in exchange for an enticing offer. In many scams, the scammer is seeking to persuade you to help relocate stolen money—or to acquire access to your money. One of the most typical ways to become involved is to deposit a check into your account and wire a portion of the funds to the fraudster while keeping the remainder as your fee for assistance. These checks are typically counterfeit, leaving you liable if the monies do not clear your account. This is especially problematic because monies may appear to be present in your account but are later identified as false or stolen.

Scammers may also attempt to gain access to your bank account in order to “make it easier” because they “know how to process it quickly.” In the end, the outcome is the same, with your bank account potentially compromised and used in subsequent unlawful transactions.

Scam employment offer

Online job forums make it simple to find fantastic professional prospects, yet scammers hide in the shadows, promising well-paying, readily available positions. These frauds can be found on social media job platforms, or they can appear as advertising or direct messages to your profile. Scammers have many aims while executing an employment offer scam, including personal data such as your name, address, and even Social Security numbers, or collecting payments. Scammers may promise a sign-up incentive or an application that requires a charge. Other “jobs” may need you to buy a large quantity of goods or equipment in order to complete the task, with the promise of reimbursement.

It can be difficult to avoid an employment scam since it targets weak job seekers. It necessitates your ability to assess the validity of a firm and its job offer. Understand your job skills and expected earnings—illegitimate employment offers are sometimes too good to be true, offering more than you would expect or hiring you without an acceptable evaluation. Legitimate firms will not ask you to pay anything in order to get hired, nor will they ask for specific personal information prior to conducting an in-depth interview. If the company appears to be real, conduct your own background check using the Better Business Bureau, review sites, the local chamber of commerce, or even as a mystery shopper.

Scams involving card numbers

Another sort of fraud that employs the “easy money” strategy is card hacking frauds. Instead of a check, you must supply a debit card, internet credentials to access your bank account, or a PIN. They may “deposit” worthless checks using mobile deposit once you give them access to your account, but with your details, they may clear out your bank account with a wire transfer. This is similar to the “easy money” check deposit scam, but you don’t have to do anything. Furthermore, the fraudster may use your account to shift other stolen funds and cover up criminal activity.

Nobody else should ever have access to your account. That “easy money” promise will not be kept and will most likely put you in debt.

Cost Savings

Be careful of anyone who sends you money, offers you a job, or otherwise benefits you through social media. It’s crucial to remember that it’s often up to you to keep your personal and financial information secure. If someone contacts you with an offer that appears to be too good to be true or otherwise unjustified, it most likely is.

Assuming that you or someone you care about belongs to a vulnerable category, you are more likely to be targeted by these frauds. This includes the elderly, teenagers, and young adults, as well as individuals who are unfamiliar with finances or social media, or who are desperate to enhance their finances or make important connections.

Consider the following suggestions:

• Send money only to people you know after confirming that the request is real.
• There is always time to think and ask questions about most acceptable requests—be especially cautious if the request is urgent.
• Take the time to research suppliers with a documented track record online.
• Do not wire money to a stranger.
• Never give anyone your banking details.
• If used carefully, social networking and wire transfers can be safe and secure.

Criminals prefer peer-to-peer and wire transfer frauds because they allow instant and irreversible access to your money. Avoid being a scam victim on social media and elsewhere by taking the time to examine financial requests from people you don’t know and upgrading your financial security expertise.