WALLINGFORD, CT, October 17, 2009
/24-7PressRelease/ -- Connecticut Consumers can avoid losing money through many ongoing scams by following a simple rule: Do not send money by wire transfer to companies or people you don't know.
Connecticut Better Business Bureau President, Paulette Scarpetti, says wired money transfers are the hallmark of many consumer scams.
"We hear about consumers and businesses losing money on a regular basis by wiring money in a variety of schemes, however the encouraging news is that it is relatively simple to protect yourself."
Connecticut BBB explains a number of the most common wire transfer scams:
Advance Fee Fraud
These schemes involve wiring money to an individual with the hope of making a larger financial gain. This may be in the form of fake lotteries or individuals who ask for a wire transfer in order to receive an inheritance or unclaimed money. Targets are lured by unsolicited mail and e-mails which also may ask for personal information to enable their checks to be processed.
Overpayment Fraud
Variations of overpayment involve would-be buyers of items for sale in online auction sites. They send a check for an amount greater than the cost of the item, ask the consumer to cash the check and send back the overpayment by wire transfer.
Phony Bank Checks
These require consumers to simply deposit a check in their bank as a down payment for a work-at-home program or other promised goods or services, and send back a portion by wire transfer.
Relative in Distress
Somebody poses as a relative or friend, and e-mails or calls for a money transfer because they were supposedly in an accident or arrested.
The bottom line on all of these scams and many more is that they require a money transfer to an individual or scammer posing as a representative of a company or organization.
Your BBB recommends:
•Check companies at http://www.bbb.org to see if they are the subject of any complaints or government actions.
•Pay with a credit card. It is possible for card issuers to credit your account in the event of fraud.
•Legitimate companies will never insist on a wired money transfer for payment.
•Do not deposit a check in your account if it requires money to be wired back. The bank may initially accept the check, however when it bounces, you will lose the money you wired and be responsible for any charges incurred for the phony check.
•Never wire to an individual you don't know, no matter what kind of monetary gain is promised.
More information on protecting yourself against fraud is available at http://www.bbb.org
About Better Business Bureau CT
Founded in 1912, BBB is an unbiased non-profit organization that sets and upholds high standards for fair and honest business behavior. BBB offers objective advice and a wide range of education on topics affecting marketplace trust. BBB also offers complaint and dispute resolution support for consumers and businesses. Today, 128 BBBs serve communities across the U.S. and Canada, evaluating and monitoring more than three million local and national businesses and charities. For more advice on finding companies and businesses, start your search with trust at http://www.bbb.org
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