The “overpayment” scam is back and it targets everyone–consumers, businesses and also nonprofits.
This classic scam has been around for a while. A scammer sends a check or PayPal wire to you, but then says that they “overpaid.” They then ask you to re-send or re-wire the overpayment to another account, usually giving them access to your bank information and more. From there, the scammers can take all of your money, not just the amount you “sent back.” And the original checks turn out to be worthless.
BBB offers the following advice to avoid an overpayment scam:
- Know who you’re dealing with. In any transaction, confirm the buyer/seller/donor name, street address and telephone number.
- Don’t wire. Never under any circumstances wire funds back to the person, a legitimate buyer/seller/donor will not insist upon this type of request.
- Never assume that a check is legitimate, even if it’s a cashier’s check. It may take weeks for a financial institution to learn that it is counterfeit.
- Never accept payment for more than the purchase price of a product or service.
- Keep in mind, you are the party who is ultimately liable to your financial institution. Verify all checks, as well as certified checks, with the issuing financial institution.