I've read recently on another forum that vendors are falling prey to scams involving fake screenshots of transactions. I'd say it's not so much of an issue for many if using direct deposit via Osko etc, but for sums larger than the banks allow using NPP then it could result in the loss of many $ thousands. This is a new thing for me, no doubt many here are already aware of it, but for some it may be new news. Apparently there are apps that can create fake screenshots of transactions, I haven't confirmed that or not. Sellers beware.
I don't see why anyone would send something before confirming the funds are in your account. It's not like the old days where you have to wait 3+ days before the credit shows up in your account. And if sending larger sums outside of the NPP, then more reason to wait and verify.
The issue that the seller had on the other forum was a F2F transaction involving a watch worth many $1000s. Obviously the seller was unaware of such scams.
Rookie mistake, never verify on another persons device. Same when i was trading crypto's F2F, i would verify the transaction on my own device. And if they can't provide an instant transaction method, then don't do the sale. Between NPP bank transfer, Paypal, cash, cryptos etc... there is no reason someone can't provide an instant payment today.
Agree with @leo25 , verifying on the other persons device is not really verification. Its just taking their word for it. If its F2F under $2k, tell them to pull cash from an ATM
I think the bigger question would be what idiot would hand over a $21,000 item without any confirmed payment. But if a quick F2F instant transaction must be done for what ever reason, then the person buying needs to plan ahead and withdraw cash from the bank over a period of time. Another option; go to the buyers bank and do the transfer in person with the buyer. That way the seller can verify the transaction is good without waiting to see it in their account. Any legit buyer would be happy to do either of those options. If not, then this sound should go off in your head.
This is one of the reasons why I largely got out of physical and choose digital assets such as ETFs. It's a real PITA to liquidate large amounts, especially in regional areas. Anyway, this is a timely reminder to all to carefully plan ahead how and where they intend to get rid of their stack if and when the time comes. And especially if you're planning on doing it via a F2F transaction.
I normally do F2F @ local bank branch…scammers normally make such effort to BS for unable to make it…and re-arrange other times, mostly when branches closed….this IS my red-alert.
I have liquidated $75k of metals in a single night. Real simple steps to not get scammed. Everything must be settled before goods exchanged, whether cash or transfer. Not rocket science.
I know of someone who fell prey to screenshot scam when selling a car. The screenshot was obvious in hindsight but the victim was a immigrant with poor English. they only discovered the scam when police knocked on the door asking if they knew where their car was because it had been involved in few local robberies. He got the car back, needles and baggies included free of charge.
Moral of the story is common sense is seriously lacking in today's society.. Something has definitely impacted people's cognitive function.
In which case it's a BUYER BEWARE situation, and something other than blind trust needs to be put in place to ensure post actually occurs for said goods. Not so much on this forum, but in other arenas.
