Overpayment scams happen when someone sends you too much money for something you’re selling, then asks you to refund the extra amount. The original payment is fake (like a bad check), so you lose money when you send the refund. Scammers often target online sales.
For example, you sell a couch for $200, and the buyer sends a $500 check, asking you to wire back $300. The check bounces, and you’re out $300. Seniors are targeted because they may sell items online to downsize or trust checks as payment.
Tips to Identify Overpayment Scams
Wait for Payments to Clear: Don’t refund any money until the buyer’s check or payment fully clears with your bank, which can take days.
Be Wary of Overpayments: If someone pays more than your asking price, it’s a red flag. Insist on exact payment.
Use Secure Platforms: Sell through sites like eBay or PayPal, which protect against fake payments. Avoid direct checks or wires.
Check the Buyer: If the buyer’s story or contact info seems odd, search their name or number online for scam reports.
Avoid Rushed Refunds: Scammers pressure you to refund quickly before the payment clears. Take your time to verify.
Ask for Help: If you’re selling online, ask a family member or friend to review the transaction for safety.
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San Diego seniors lost $108 million to scams in 2024