- Consider your safety first. Whether buying or selling a product online, you will most likely not know the person with whom you are transacting. Take the following precautions to protect your safety: Arrange to meet in a public place; tell others where you are going, who you will be meeting and when you expect to return; ask a friend, family member or coworker to join you; bring a cell phone; if the situation seems suspicious or potentially dangerous, move to a safe location as quickly as possible.
- Beware of Internet payment services that you are asked to access through a link or in the body of an email. Remember that links can be masked, and logos and trademarks can be faked online. If you intend to use what you believe is a well-known Internet payment service, visit that company’s website yourself, rather than trust the information that another party is suggesting.
- Don’t be rushed. If someone really wants to do business with you, they will wait until you are ready to make a legitimate transaction. Furthermore, if an individual wishes to make changes to the terms of the transaction, such as where and how the payment is sent, do not let your eagerness to complete the transaction blind you to potential problems.
- Be wary of wiring money to a party that you don’t know. Many people mistakenly think that wire transfers, like personal checks, can be canceled at anytime. This is not true. If you wire money via Western Union or MoneyGram, it’s impossible to retrieve the money once it’s picked up at the other end. Because it can be picked up anywhere in the world, the money is virtually untraceable. Once money is wired overseas, United States law enforcement agencies may have little recourse in recovering lost funds.
- Cashier’s checks are NOT the same as cash. Counterfeit checks can look very authentic. Just because the money appears to be available in your account doesn’t mean that the check has cleared and is legitimate. Federal rules require banks to make deposits “available” to consumers quickly, often the following business day. A check takes a long time to clear. It may take a bank weeks to discover that the deposited check was fraudulent. The bank may still bounce the check if it’s a forgery. Once a victim wires funds onward from such a check, he or she may be liable to the bank for the amount wired.
- Typically the bank will not cover the loss, and expects the victim to pay the difference. If you the check and verify its legitimacy by contacting the issuing bank. Do not use the contact information that appears on the check. Do a little leg work and obtain the contact information independently through legitimate directories.
- Always be wary of someone who wants to pay more than your asking price or who wants to sell you an item at an unbelievably low price. A deal that sounds too good to be true probably is.
- Be wary of “third parties” or “agents.” If a third party is actually owed any money, their client should be making the payment, not you. Do not wire money to a third party.