Transfer scams between individuals: how to avoid being taken in?

Simple, fast and online, bank transfers are becoming increasingly popular with the French, even for payments between individuals. Since transfers are made via a bank interface, the vast majority of classified ad aficionados have a real sense of confidence in the system. They may think they are getting a secure payment, but they could be the target of a well-honed transfer scam.

Find out how to protect yourself in less than 3 minutes by watching our video on money transfer scams:

Want to find out more? Read the full article below

Bank transfers are becoming more popular than cheques, and all the better for it. Faster, more convenient and more secure, bank transfers offer a number of advantages over their paper counterparts. That said, it also inherits some of its limitations, making it a popular tool for fraudsters who exploit its loopholes to set up scams based on banking deadlines and the subtleties of displaying the statements at your disposal. This means of payment can quickly become a major problem if you come across someone with dubious intentions.

Scammers turn the tables

A scammer's approach is often to put himself in the position of the distrustful person. After all, it's quite legitimate insofar as their money is at stake. They will therefore take the time to explain why they require you to pay by bank transfer, and so protect themselves by having a record of the transaction in case anything goes wrong.

So far, the seller can't hold it against him, and is even rather pleased to be dealing with a serious buyer. That said, it's always a good idea to be a little sceptical when trading. Being paid by bank transfer involves real risks, and these should not be ignored, despite the opportunity to sell being close at hand.

Money in, money out

As with cheque or banker's cheque scams, time limits are a favourite tool for scammers. They will exploit the time it usually takes a bank to certify that the transfer is in order, usually 3 working days, although it is advisable to wait 10 working days. They will therefore try to finalise the transaction in this time. Even if the funds are visible in the seller's bank account, they can simply be withdrawn if the transfer is fraudulent. So nothing can be taken for granted!

The account statement rarely specifies whether the funds have been credited by bank transfer or cheque. The seller will therefore demand payment by bank transfer, whereas the amount credited was deposited by means of a bad, stolen or forged cheque. And cancelling such a transaction is extremely complex, and always involves lodging a complaint. So it's not really worth the risk, and your sale on Leboncoin or any other classified ad site can quickly turn into a nightmare.

Rushing opens the door to swindlers

Many private individuals, happy to finalise a sale as quickly as possible, overlook a number of precautions that are essential to the smooth running of a secure transaction. What's more, delays and other waiting periods are just some of the factors that can cause a sale to fail, and are therefore overlooked in transactions between private individuals, which can end up with very bad news: the outright loss of the property.

It is therefore essential never to confuse speed with haste when engaging in transactions between private individuals, and to take the time to analyse the exchanges and the various elements that are submitted to ensure that everything complies with the rules of the trade.

But these are all factors that can delay, if not derail, a transaction with an honest person, so it is advisable to use an alternative to traditional payment methods in order to gain in security, flexibility and simplicity. We'll come back to this point at the end of the article.

Securing your transactions with Obvy: the assurance that everything will go smoothly

We have created a payment solution that eliminates the risks associated with payment by bank transfer, or any other traditional means of payment when it comes to transactions between private individuals. Our solution ensures that you benefit from secure transactions between private individuals and avoid any form of scam when selling or buying on classified ad sites (Facebook, Leboncoin, Paru Vendu, Viva Street, Ebay, etc.). Obvy checks the solvency of the buyer to protect the seller, and protects the buyer by blocking the funds in a tamper-proof virtual safe until the terms of the sale have been fully agreed.

Guaranteed availability of funds, final payment only when the transaction is completed, identity verification... These are just some of the features that make Obvy the safest payment method on the market when it comes to securing a transaction from one individual to another.