Scam purchasers
Discussion
Now then, now then.
We have all had the scam purchasers onto us when we have advertised our cars for sale and, just like all others, I avoid them.
But just how does the scam work - anyone know the mechanics of it/them?
i) How does the Western Union trick work?
ii) If someone pays you £23,000 for your £20,000 car to cover the car AND payment to THEIR shippers - how does the scam work for them. You have had the cheque cleared and the money is in your account after all. Of course there has to be some form of internal banking transactional trick here because we have heard stories of the cleared cheque being reversed - that is the money clawed back for some reason.
My thoughts are that if a bank has cleared a cheque, it has to stand by that action and cannot reverse it. Especially if you have withdrawn all the money!
iii)Of course there is the additionl trick of the 'purchaser' demanding your full address etc. so they can come along and steal the vehicle at their leisure.
If there are some banking backroom boys here that can give us the lowdown on how these scams work, that would make it all clear for us.
JJ
We have all had the scam purchasers onto us when we have advertised our cars for sale and, just like all others, I avoid them.
But just how does the scam work - anyone know the mechanics of it/them?
i) How does the Western Union trick work?
ii) If someone pays you £23,000 for your £20,000 car to cover the car AND payment to THEIR shippers - how does the scam work for them. You have had the cheque cleared and the money is in your account after all. Of course there has to be some form of internal banking transactional trick here because we have heard stories of the cleared cheque being reversed - that is the money clawed back for some reason.
My thoughts are that if a bank has cleared a cheque, it has to stand by that action and cannot reverse it. Especially if you have withdrawn all the money!
iii)Of course there is the additionl trick of the 'purchaser' demanding your full address etc. so they can come along and steal the vehicle at their leisure.
If there are some banking backroom boys here that can give us the lowdown on how these scams work, that would make it all clear for us.
JJ
Well this scam from the BMW section was comitted via the Fraudulent bankers draft method when some unlucky guy had his M3 conned out of him. If you read all 7 pages of threads, it goes into quite a lot of detail:
www.pistonheads.com/gassing/topic.asp?t=274885&f=72&h=0
www.pistonheads.com/gassing/topic.asp?t=274885&f=72&h=0
Yes - I remember that one; I think I may have even posted a contribution to the debate.
The bankers draught fraud is reasonably common so as to not accept them these days. Withdrawing funds after it has been handed over and cleared would be the simplest way to do this, so that the collecting bank pays you the seller in the belief that the draft is genuine but in the meantime funds have been exhausted and so it is not honoured.
As a seller, the only way to protect yourself from this would be to get a written acknowledgement from your receiving bank that the draft is genuine. That way they will have made a mistake if the draft is fraudulent in any way and they will also be at a loss if the draft is not honoured - especially if you have withdrawn the cash in the meantime. The fraud will be on the bank - not you.
I agree that getting the receiving bank to check with the issuing bank that funds are available to pay the draft is a good idea.
I was wondering just how these other tricks work - is it another case of past-posting - withdrawing funds after receiving bank has paid out?
The bankers draught fraud is reasonably common so as to not accept them these days. Withdrawing funds after it has been handed over and cleared would be the simplest way to do this, so that the collecting bank pays you the seller in the belief that the draft is genuine but in the meantime funds have been exhausted and so it is not honoured.
As a seller, the only way to protect yourself from this would be to get a written acknowledgement from your receiving bank that the draft is genuine. That way they will have made a mistake if the draft is fraudulent in any way and they will also be at a loss if the draft is not honoured - especially if you have withdrawn the cash in the meantime. The fraud will be on the bank - not you.
I agree that getting the receiving bank to check with the issuing bank that funds are available to pay the draft is a good idea.
I was wondering just how these other tricks work - is it another case of past-posting - withdrawing funds after receiving bank has paid out?
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