Overpayment Scams: Don’t Send Money Back
settingsOverpayment scams can happen when selling items online, searching for a job, renting property, or even receiving what appears to be a legitimate payment. The scammer sends a check or payment for more than the agreed amount and asks you to return the difference.
At first, the payment may appear in your account, leading you to believe it has cleared. However, if the original payment is later determined to be fraudulent, the funds are removed from your account. Unfortunately, any money you sent back to the scammer is often gone for good.
Common Overpayment Scam Scenarios
- A buyer sends more than the purchase price and asks for a refund.
- A job offer includes a check for supplies and asks you to send money to a vendor.
- A renter sends extra funds and requests that you return the difference.
- An unexpected payment arrives with instructions to forward part of the money elsewhere.
How to Protect Yourself
- Be cautious of anyone who sends more money than requested.
- Never send money back until you are certain a payment has fully cleared.
- Verify unexpected payments before taking any action.
- Be wary of anyone creating urgency or asking you to act quickly.
Trust Your Instincts
If a transaction seems unusual or overly complicated, take a step back and ask questions. Legitimate businesses and buyers typically do not overpay and request refunds.
When in doubt, contact MidSouth Community FCU before sending money. A quick conversation could help you avoid becoming a victim of fraud.