Sending money is always more risky than meeting up with your seller. You run the risk of being ghosted, and you also risk the possibility of not getting the item that you expected. But let’s just say that the perfect deal is from another region, and meeting up isn’t possible. How do you minimize the risks?
First, you have to be able to trust the seller. Ask a lot of questions that an illegitimate seller wouldn’t be able to answer, such as specific details about the product and their reason for selling it. One thing to watch out for is a seller that is insistent on getting the money ASAP. This isn’t usually a good sign.
Say you found a credible seller who lives from far away, and now you’re ready to purchase the item. Here is a basic guide on what to do and not do when sending money.
Whether through email, text, or call, your private information is yours and you have all the authority over it. Be careful with phishers who would ask about your full name, birthday, account numbers or any other possibly personal information. Once you’ve given these out, you run the risk of being hacked or swiped off your savings.
Make sure you trust the seller before giving out your name, address or bank account number.
Wire transfers are more tricky because it is easy for a thief to get away without an identity. A bank would require the bank account holder for their real identity, making it easier for you and the police to track the money in case the seller becomes unresponsive.
Some money transferring methods are safer than others. Ask your chosen bank if they have options for you to secure your money unless proven to be legitimate. It still doesn’t eliminate all the risks, but this is a good alternative to direct wire transfers.
In case you opt to send through remittance centers, ask the remittance center the branch where the seller claimed the money. Certain remittance companies like LBC have the option to have the money withdrawn only in certain branches. This will assure you that your seller is really from far away, and that a meet up was not a possibility.
Ready for your next win-win transaction? Keep these handy tips in mind when sending money to prevent getting scammed! For more useful information, visit olx.ph/cybersecurity now!
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- What to do when scammed online
- How to spot an online scammer: Red flags you need to be wary about
- Philippine Laws that protect you against Cybercrimes
- Tips for safe buying and selling online
- Tips on meeting up with online buyers and sellers