Report money scams, if you find that a miscreant is using illegal means to trick unsuspecting others. One of the most common frauds is money order scams. These scams are commonly encountered by people who are selling items online in the Internet marketplace. Check that you are dealing with a legitimate buyer and be careful if requested to send money following an MO.
Anatomy of a Money Order Scam: Shouldering the Monetary Burden
A money order scam takes place when the payment is made with a fake money order. Once the payment is done, the recipient ships the goods and moves with the request which involves shipping the goods and wiring the balance. Once the bank of the victim understands the problem, it is impossible to recover funds or products both. The scammer kills two birds with one stone and even leaves the victim to fulfill the liability of a fake money order. Report money scams and ensure that they are thwarted.
How Money Order Scams Work?
Money orders are safe ways for payment receipt. The sense of security that is felt causes victims to drop their guard. These scams work well because the belief is that one has been paid and no more aspects are to be considered. Money orders, however, like personal checks, can be fake. So, proceed with caution and report money scams at once, if you detect something suspicious. Typical money order scams are detailed below. Report money scams such as these and save yourself the pain of parting with cash and losing trust.
#1 Excess Scams
In this approach, one is generally selling a product online and an inquiry comes from the con artist. The scammer says he’ll purchase your item, but once the money order arrives, it is for much more than it should be. Why is this? The buyer claims it is to make up for the shipping costs and you have to wire any amount left over. The scammer may even pretend he/she is sending excess money because of a mistake made in the amount of the money order. In any case, the money will be lost for good and so will the goods! Report these money scams at once and save yourself the burden of falling prey to these predators.
#2 Purchase Scams
Rather than a money order in excess, the fake money order is used to entice you to ship goods to the scammer. The end result is that money order is deposited and the bank allows you to use funds immediately though it has not recovered the cash from the money order issuer. This may take a few weeks or even days and in the meantime, the scammer skips with your goods. Meanwhile, the bank finds out the MO is bogus and the fake money is deducted from the account. You will have to repay every penny to the bank. Checks will also bounce and debit/ATM card will become worthless. Protect yourself from money order scams. Report money scams at once.
What to Watch Out For
When you report money scams, you can easily locate the source of the trouble. But how do you know what to watch out for? Here are the warning signs:
- Did the offer come out of nowhere, and did the trusting and giving person (read scammer) find you randomly?
- International money orders are another red signal.
- Check if the messages from the scammer contain errors?
- Be on your guard if the scammer refuses to pay you electronically.
- Check out the deal if the buyer in the purchase scam does not care much about the product he/she is purchasing
- Check whether the buyer or scammer is keen on bank account numbers and other details
- Always check funds when paying the money order. Call the issuer and see if there is a legit document at play here.
- Always check funds when the money order is in the picture.
How to Verify Funds on a Money Order
Each money order issuer can also describe the latest features when it comes to security on money orders. Money orders from the United States Postal Service features a watermark of Benjamin Franklin. Money Gram uses a heat linked patch for preventing fraud. Be prepared to repay the bank and figure out how when you have been handed a bad money order. Report money scams and ensure that you do not remain a passive victim. It is essential to be proactive to prevent a fraud.