Somewhat interesting scam attempt - a first for us
nencoin
Posts: 1,319 ✭✭✭✭
We received a credit card web order for a $59,000 coin from a new customer. I contacted them via email explaining that we can't take a credit card for that amount from a first-time customer. I suggested that they pay by wire or check. The customer called me and asked if he could do an ACH. Without really thinking it through, I said "sure."
After I hung up, I realized that an ACH is almost as risky as a credit card. I confirmed with my bank that ACH funds can be clawed back if it was an unauthorized transaction. So I contact the customer again and say that sorry, because of the amount of the transaction and that he's a new customer, we would need an actual bank wire. So he asks what the max limit is for ACH transactions and I'm thinking hmmmmmm. I said that surely he wants to the $59,000 coin he ordered, so all he needs to do is go to his bank and request the wire transfer. I of course have not heard back from him.
So, fair warning to the dealers out there, if you receive a suspicious/high value order from someone on 101st Avenue in Miami, contact me and proceed with extreme caution. ACH is not a 100% secure way to receive payments for coins.
-Chris
Comments
I feel for you dealers. Nowadays, it's hard to say that ANYTHING is 100% secure. Even if they hand you a stack of 100's, you have to wonder if they are counterfeit.
Thanks for posting, and good job being diligent - but what is an "ACH" transaction?
Thanks for the information... These contributions help other forum members navigate through the perils of doing business in our increasingly digital world. Cheers, RickO
ACH = ????
Thank you for sharing!!!
Googled it:
"In banking, ACH stands for Automated Clearing House, which is a network that coordinates electronic payments and automated money transfers. ACH is a way to move money between banks without using paper checks, wire transfers, credit card networks, or cash."
All of my mis-information comes from Google!
A wire transfer can also bounce back out after two or more weeks.
Had it happen years ago from a foreign client who even paid with funds drawn from a US bank.
And unfortunately the same can be said to the buyer.
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
Many (most?) checks these days are turned into ACH transfers by the banks. Back when I got my checks back in the monthly statement (no longer an option) some never came back as my check was used as authorization at the receiving end to turn the transaction into an ACH,
If you don't trust an electronic check, then you are only going to take cash. Virtually every other transaction is either reversible, open to fraud, or both.
All comments reflect the opinion of the author, even when irrefutably accurate.
A new and random customer can be a red flag as well as unsecure transfers. Numismatics at the stratospheric levels is relatively small, and big transactions should come with requests for references.
If the red flags are flying just walk away.
I might not even take cash for a $60k purchase without first checking a few references.
Absolutely! Remember the greatest observation of Larsen E. Whipsnade!
Thanks for alert
how do you have a wire claw back? i'd like more details
Ike Specialist
Finest Toned Ike I've Ever Seen, been looking since 1986
Thanks for the heads-up !!!
I had to google that one!
See http://www.doubledimes.com for a free online reference for US twenty-cent pieces
A “wire callback” varies from institution to institution have to read the transfer agreement before sending/receiving to see how long one is on the hook for a callback.
Even cashier's cheques are not a given - when I was a credit manager we received a cashier's cheque from a bank in Ohio that bounced.