Scam Alert and Possible Identity Theft

My girlfriend belongs to a business networking group and just came home. She told me about some stories that the person who represents a bank in her group told the other group members.

Here is how it works:

You put something up for sale on the internet or in the paper. Someone buys it but writes a check for whatever price you ask or negotiate PLUS a significant amount more. When you notice the overage you tell them about it and they tell you to either wire the money to a certain account or send them a check for the amount of the overage.

It could very easily seem like an innocent mistake.

So you deposit the check and send them the money. The money is there (so you may think).

The check may be bogus. You could be liable for the amount of the amount of the check and/or any fees associated with bad checks that your bank may charge and/or any overdraught fees.

Unless you catch it right away (if you send a check) and put a STOP on the check you will be out the money you sent. If it was a wire transfer you WILL be out the amount of the overpayment as these are instantaneous.

These are the immediate effects.

If you send them a check – regardless of any STOP you put on it – they WILL have your bank number and your checking account number.

With a wire transfer (which requires an issuing account number and a receiving account number) they WILL have some of your banking information.

This could very easily lead to ID Theft. If it does it will eventually mess up your life.

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