An Explanation of Overpayment Scams
The principles behind the overpayment scam:
– It doesn’t matter *what* is being sold: scammers have used the overpayment scam for cars, trucks, ATVs, horses, tractors, wedding dresses, etc.
– It doesn’t matter *why* you are supposed to send them back money: scammers give hundreds of different excuses that seem plausible at first blush.
– It doesn’t matter why you are supposed to use a specific escrow company: always use the escrow company you select, not the one selected by the other party.
OK, now let’s talk about the new variants. These new overpayment scams are a bit different, and they are really making the rounds.
The biggest difference from classic overpayment scams is that you are offered a job instead of selling something.
If you post your resume on one of the legitimate online employment sites such as monster.com or careerbuilder.com, you may well receive this newer overpayment scam.
Here’s how it works: You receive what is supposed to be a job offer to become a “financial representative” of an international company.
You are told that this company has problems accepting money from US customers and is looking for financial representatives to handle the payments.
You are usually offered 5% to 15% to handle the transactions.
If you apply and give them your personal information, there are several ways you can get scammed:
– You may experience identity theft.
– They may attempt to steal money directly from your bank account.
– You may receive bogus payments that you then deposit into your bank account, and then send them 85% to 95% of the money, which, of course, you lose.
Action: Avoid all these overpayment scams. Never agree to handle financial transactions for people you don’t know or who offer you a job. Never accept money orders and turn around and send part of the money to anyone, no matter what the reason.
Information courtesy of Scambusters.