Guarding Against Overpayment Scams
Overpayment scams often occur when an individual lists an item for sale on a website such as Craigslist or Facebook Marketplace. Although these are legitimate sites to sell merchandise, fraudsters often use these sites to commit fraud.
- If the buyer of your sale item(s) sends you a payment, either by check, money order, or another form of payment that is greater than your asking price and states they overpaid “accidentally”, do not continue with the sale.
- If instructed by the buyer of your sale item(s) to purchase a money order, iTunes gift cards or Bitcoin, to wire money through a financial institution or money service company, to send funds via Cash App, Venmo or other money transfer apps, or to mail cash to return the “overpayment” do not do it.
- If you receive a check or money order in the mail for the sale of items listed online, bring it to the bank for verification before attempting to cash or deposit.
- If instructed to “keep the change” on an overpayment, do not do it.
- If the buyer states you were overpaid to compensate you for your time, to cover shipping costs not previously agreed upon, or to pay taxes, do not continue with the sale.
- Look for typos, grammatical errors such as misuse of punctuation and capitalization and spelling, mismatched names or invalid banking information on any checks received.
- Do not deposit a check using mobile deposit if it was mailed to you unexpectedly, a request to return a portion of the funds was made, or the check has a stamped endorsement on the back. Bring these to the bank for verification.
- Keeping any form of overpayment, or sending a portion of the funds using any of the methods listed above, may result in you being held responsible for repayment of all funds spent if the transaction is deemed fraudulent.
We’re here for you!