Have you heard about the latest money transfer scam now escalating on the market? It is the money transfer through pay pal accounts. I am sure you are aware of the Western Union check cashing utilizing your bank account. This one is more unique and it seems that pay pal might well be investigating it at the moment.
I made a bid on a popular freelance site to engage in a money transfer trial which would entail a retaining fee of $20 per transaction, but it had to be transferred using my pay pal account. Often I have been skeptical tendering my pay pal address for any such transactions. However when I weighted the pros and cons it seemed quite up front because there was no huge amounts to be deducted on my part for doing nothing.
Last Wednesday, I received a money transfer to PayPal coming from LindaMiller@moneymarkergroup.com As usual I tried contacting the buyer and the email returned. A few minutes later I received an email from email@example.com notifying me of the transfer and that the trial had begun. The further instructions were that I transfer the US exchange funds of 605.64 British pounds to my bank account.
When transferring the amount I realized that Pay pal deducted 18 pounds and transferred the equivalent to US currency of $ 922.65. From this portion I was to have deduct $20 and transferred the remaining amount after charges to: -
Name: Vitaliy Ichanskiy
This was to be executed through Western Union.
The money took about three days to show up into my account. It did on Friday last July30th, 2010. I proceeded to transfer the amount of $800 US on Saturday July 31st and contacted the buyer who gave a favorable response thanking me for the service and informing me that additional deposits would be made shortly.
On Monday August 1st pay pal now informed me that I have a negative balance to my account of $979.00 which must be settled through a direct deposit. Immediately, I contacted them supplying the information that was tendered and the entire transaction process and how my account was involved. I was given until 9th August to respond.
August 4th I received a further declaration from pay pal reporting that from their investigations I am responsible for repaying the entire amount because I am not covered by their protection policy. Consequently, I now have limited access to my account in that I cannot receive, send money neither close it. This is a tragedy in itself for me.
You might say that I am a stupid person, but any honest minded individuial could have been caught into the mess. It seemed above board. First it was a trial not offering deductions of $200-300 which would immediately raise eye brows. Even though I could not have contacted the pay pal sender some one was contacting me. I had offered my pay pal address to complete a legitimate job advertised on what should be a reputable biding site.
My speculations are that freelance job sites ought to screen its employers. The irony of this is which I observed from this incident, while the site says report a violation when the provider tries to, either there is no response or you are told that it cannot be accepted at this time.
My question to pay pal is why it took so long to recognize a fraudulent transfer if it was? Who are the culprits in this game? There has to be a chain for it to be active. Why is Western Union always used in these transactions? Why I am not protected under pay pal for the “fraudulent transfer “ after being a customer for over six years? There are more questions than answers.
However, Beware! I might be thought of a being most stupid but I know that there are many others stupidly honest people out there who can become victims of this subtle crime. Protect yourself from Pay Pal fraud the same way you protect your bank account with Western Union Money transfers. It is very viable among us and has chain reactions. There is more than one responsible party.