Beware the overpayment scam

Before you go, we thought you'd like these...
Before you go close icon
A reader asked about some folks answering a Craigslist.org ad and offering to pay more rent than was advertised for. I hear this story over and over. As tempting as it might be to find someone who is willing to pay more -- usually a lot more -- they're up to no good.

The excess payment offer could come for rent, as it often does, or for a chair, a table or whatever. The bad guys want you to cash their check and then "refund" them the difference because they only have one check or they had the cashiers check made out for too much or any other excuse.

Often, scammers will claim they are moving to the U.S. and need the excess to pay a mover who will only accept a wire payment from a U.S. bank, and the potential landlord will be asked to wire the difference. Well, as you might have guessed, their check will be worthless. The person complying with the request, whether selling goods or renting property, will be out that money. Some of the victims even have asked their banks whether the bad check had cleared. Unfortunately, it can take weeks for the fraud to be detected and the victim can still be on the losing end -- with their property vacant and their bank account depleted.

To learn more about overpayment scams, read this alert from the Federal Trade Commission.
Read Full Story
Credit Card Compare

Credit Card Compare

Whether you're looking for great travel rewards or low annual fees, find the card that's right for you.

Compare Now

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

Driver Sees Something Move On The Side Of The Road - When He Pulls Over He Can't Believe Driver Sees Something Move On The Side Of The Road - When He Pulls Over He Can't Believe
Man Built This Contraption In His Backyard - And Even He Was Surprised How Well It Worked Man Built This Contraption In His Backyard - And Even He Was Surprised How Well It Worked
The Haunting Face of a Man Who Lived 700 Years Ago The Haunting Face of a Man Who Lived 700 Years Ago