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Old November 4th, 2003, 06:12 PM   #1
Magic Mtn Dan
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Beware If You're Selling A Vehicle (Car, Boat, Plane, etc.)


A new twist to the Nigerian Scam has been occurring across the United States in massive numbers...and Kansans are among those who have fallen subject to this crime. In an effort to help our customers avoid a financial loss, Silver Lake Bank feels it is important to explain the workings of this latest version of the Nigerian Scam.
This new twist targets people selling big-ticket items on the Internet such as boats, cars and motorcycles. Most of the arrangements are made over e-mail. The remainder of the process follows the basic Nigerian Scam outline as described below.

The basis of the Nigerian Scam has always been to purchase an item from an American seller. Under the pretense of making the payment simpler, the scam artist (buyer) claims another person in America owes him a bank cashiers check for a sum larger than the amount owed to the American seller. The scam artist says this other person will forward the cashiers check (in the excess amount owed) to the seller. He then instructs the seller to keep what is owed for the item being purchased and wire the excess funds on to the buyer. By the time the original cashiers check for the excess funds amount is returned to the sellers bank as invalid (usually because the check has been altered in some form), the difference has already been wired to the scam artist, leaving the seller out the excess money amount as well as the item he has already shipped to the buyer.

The scam that occurred this year in Kansas involved a customer selling a $7,000 car over the internet. A cashiers check came in the amount of $12,000 with instructions to wire the $5,000 difference to an address in Scotland. This scam fits perfectly into the profile described above.

The seller, or bank customer, often assumes that when the bank makes the funds available, it means the check is collected. Even those customers who understand that a check can take two weeks or more before payment is final do not fully understand that they are still liable on a check for three years (or more in some states) if the check has a forged payee's endorsement or has been altered in the amount or payee area of the check.

It is important for bank customers to examine bank statements promptly and notify the bank of any forged or altered checks or any other unauthorized charges to your account. Failure to do so may result in losses to the customer.

Use extreme caution when dealing with anyone in any foreign country...especially Nigeria. Recent scams have cost Americans millions of dollars. If you have any questions about unusual transactions involving a foreign transaction, contact the Secret Service or other appropriate law enforcement authorities.

source: http://www.silverlakebank.com/NEWSLETTER/page3.html
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