Criminal Cashback Scam
I know artists who have been targets for this con trick: the Criminal Cashback Scam (from an article by Cliff D'Arcy in Motley Fool UK, 12 April 2007). This scam relies on the time it takes for banks to clear or "bounce" a cheque, usually five working days. The phoney buyer loves your artwork and sends you a cheque or banker's draft for a sum exceeding your asking price. Whoops! He's noticed his overpayment. Would you please bank the cheque and refund the excess by money transfer? Well, would you? If you do, your money transfer takes effect immediately and is irrevocable. A few days later the buyer's cheque bounces and you're stuck. There is no way you're going to get your money back.
posted by Unknown @ 15.4.07
6 comments
6 Comments:
NO I wouldn't, because I read blogs like yours. I have had some emails like this and they are full of red flags.
Hi, Jafabrit
Glad to hear it. The reason I thought this scam worth mentioning was that there was an interesting debate about such approaches on Art News Blog last year. We came to the conclusion it was a scam, but some artists were wavering.
some artists were wavering!!!!!!!!!!!! Don't they read up on what the newest email scams are? The art one's are just variations of other one's that have been floating around for years. eek! it is good you brought it up again, just to remind people then.
The beauty of this particular scam, if it's done correctly, is that you're holding someone's cheque in your hand, someone who loves your art!
I thought D'Arcy's explanation of this scam was crystal clear, so well worth a rehash with an arts slant.
Despite all the warnings, thousands of otherwise sensible people in the UK are sending off pre-payments on lottery scams and are giving their banking details to cyber criminals online. It's a growth industry costing us millions of pounds every year!
Hi,
Many thanks for mentioning my article on financial scams. The full three-part series can be found here:
1) http://www.fool.co.uk/news/your-money/manage-your-finances/2007/03/29/steer-clear-of-these-scams.aspx
2) http://www.fool.co.uk/news/your-money/manage-your-finances/2007/04/12/five-more-scams-to-shun.aspx
3) http://www.fool.co.uk/news/your-money/manage-your-finances/2007/04/13/scams-the-next-chapter.aspx
All the best,
Cliff D'Arcy,
Freelance Personal Finance Writer and Broadcaster
Hi, Cliff
Thanks for the kind words and the very useful links. I did link to the first of your articles, as an item on scams in general (it seems like last year; I must be getting blog happy!). That stirred up some interest, but giving it an art twist has proved popular. Art News Blog has linked to it, and I posted a link on Art Forums UK.
How about an article on how useless Government is at getting scam warnings across to the public?
Post a Comment
<< Home